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JP Morgan Upgrades PalmOne to 'Overweight'

JP Morgan upgraded PalmOne (PLMO) to overweight from neutral.

Analyst Paul Coster says the upgrade of PalmOne, which makes Palm branded handheld devices, reflects enduring demand-pull for Treo 600 and increased levels of carrier sell-in. He thinks PalmOne is steadily ramping production and resolving display-related supply constraints.

Coster the PalmOne said it now has 1,000 companies engaged in trials of Treo 600 for corporate e-mail solutions. With enterprise spending slowly firming and supply constraints easing, he believes PalmOne is poised to begin direct sales to corporate information-technology managers, which could lead to higher margins and better visibilty.

He trimmed the 65 cents fiscal 2005 (May) earnings per share estimate to 64 cents, and cut the 63 cents fiscal 2005 estimate to 59 cents.

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