Goldman Sachs Foresees Bright Future for Palm

Palm Inc. will release new brand-name applications for developers and its new mobile Palm portal at Comdex Monday, according to research by Goldman, Sachs & Co.

Goldman Sachs initiated coverage of the company, setting a target of $65 for Palm stock, which opened at $45.31 Monday.

Explaining its decision to begin covering Palm, Goldman Sachs said Friday, “Palm, a leader in the handheld market, is beginning to take the lead in the integrated mobile handheld space. As Palm continues to dominate the market with its OS, we expect to see the number of licensees and application developers increase.”

According to Goldman Sachs, the new mobile Palm portal will replace the existing Palm.net and will offer more personal features. It will be integrated with AnyDay.com, Palm’s Web-based calendar service, and will also feature an increased content offering.

The investment research firm said it expects Palm to offer positive news Monday and anticipates continued positive news flow from the company over the coming months.