{"id":447911,"date":"2010-03-19T10:22:00","date_gmt":"2010-03-19T14:22:00","guid":{"rendered":"http:\/\/www.businessinsider.com\/analyst-cuts-palms-price-target-to-zero-2010-3"},"modified":"2010-03-19T10:22:00","modified_gmt":"2010-03-19T14:22:00","slug":"palm-cut-to-zero-at-canaccord-adams-palm","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/447911","title":{"rendered":"Palm Cut To Zero At Canaccord Adams (PALM)"},"content":{"rendered":"

\"palm<\/p>\n

How bad was Palm’s quarter<\/a>?<\/p>\n

Bad enough that Peter Misek at Canaccord Adams is cutting the company’s price target from $4 to $0. That’s right, ZERO.<\/p>\n

In a note for clients, written up at MarketWatch<\/a>, Peter says:<\/p>\n

“We believe Palm’s troubles will only accelerate as carriers and suppliers increasingly question the company’s solvency and withdraw their support,” Misek said in a note to clients. “With what appears to be roughly 12 months of cash on hand, an accelerating burn rate, a complete lack of earnings visibility, and substantial debt and preferred equity, we no longer see any value in the company’s common equity.”<\/p>\n

Related: Palm’s Huge Inventory Problem: More Than ONE MILLION Handsets Sitting Around Waiting For Buyers<\/a><\/strong><\/p>\n

Join the conversation about this story »<\/a><\/p>\n

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