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UBS Warburg Upgrades Palm

UBS Warburg upgraded Palm Inc. (PALM) to strong buy from hold.

Analyst Donald Young says he's relieved to see far more aggressive actions to put the company's inventory problems behind, and enter the fiscal year in much better financial shape. He sees potential for massive growth of the handheld industry in the next three to five years.

Young sees $1.545 million fiscal 2001 (May) revenues, and $2.005 million in fiscal 2002. He sees $0.03 fiscal 2001 EPS. Young narrowed his $0.10 fiscal 2002 loss to a $0.05 loss. He thinks the valuation is appealing and believes further valuation support will come from the belief that if management fails to execute a turnaround there is potentially a long list of well-capitalized buyers.

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