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JP Morgan Keeps Overweight on PalmOne

JP Morgan reiterated its overweight rating on PalmOne (PLMO).

Analyst Paul Coster says the 32 cents proforma fourth-quarter EPS (GAAP earnings was 27 cents) on $267.3 million revenue beat his in-line estimate for 13 cents EPS on Street-high revenue of $266 million. He notes the 30.5% gross margin, fueled by sales of newer PDA models and a favorable GSM/CDMA mix of Treos, beat his forecast by 100 basis points. Operating expenses declined sequentially, which is a positive surprise.

Coster says the company is guiding to first-quarter EPS of 17 cents (vs. his 7 cents estimate), and sees fiscal 2005 (May) EPS of $1.30 to $1.45 (he had a 72 cents estimate). He notes management's commitment to proforma operating margins of 6.5% to 7.5% in fiscal 2005, vs. the 3% to 5% prior target. He raised the $26 target to $34.

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