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RBC Capital Cuts Palm Estimates

RBC Capital cut its estimates on Palm (PALM), citing the company's earnings guidance.

Analyst Mike Abramsky said he's lowering his earnings per share estimate on the company management's lighter second quarter guidance of 38 cents to 43 cents earnings per share on revenue of $435 million to $440 million. He says guidance is due to lower ASPs, higher tax rate, European growth challenges, and a personal digital assistant revenue decline of 21% year over year. He cut his fiscal year 2006 (ending May) earnings per share to $1.44 from $1.69 on revenue of $1.55 billion. He maintained his fiscal year 2007 earnings per share estimate of $1.63 on revenue of $1.73 billion. The analyst believes product launches should provide catalysts for valuation in the second half of fiscal year 2006, including lower-cost Treo and Windows Mobile Handheld. He kept his target at $41, or about 28 times his fiscal year 2006 earnings per share estimate. He maintained his outperform opinion on the stock.

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