Palm To Remain A “Market Performer” (PALM)

Equity research firm Morgan Joseph has said that it does not find Palm (NASDAQ: PALM) an attractive buyout candidate. Currently, the market is abuzz with the rumors that various companies such as Microsoft (NASDAQ: MSFT), and Hewlett- Packard (NYSE: HPQ) are interested in taking over Palm.

Palm is currently trading at a multiple of 1.00X the estimated 2010 sales of $948 million. However, the company has ample cash reserves to invest in the up gradation of the phone.

The report anticipates that the company would announce $300 million-$320 million in non-GAAP sales for its February quarter. The stock has been given a “Hold" Rating.