Indeed, the Pre’s best days might be behind it. That’s the assumption many got when investment banking firm Morgan Joseph slapped a “sell” label on Palm stock today. Financial advisory group Collins Stewart did the same.
The Collins Stewart analyst says Palm shipped fewer than 300,000 of the handsets in May and June, despite all of the buzz generated by the new smartphone. Production of the Pre is reportedly going to be cut by 500,000 units over the course of the rest of this year. Ouch.
Despite the doom and gloom, Palm stock was up nearly 6 percent Thursday.