Palm Inc. shares climbed Tuesday after RBC Capital Markets hiked its price target for the stock, saying Palm has the "special sauce" necessary to help lead the smart phone market.
In a note to investors, RBC analyst Mike Abramsky raised his price target to $25 from $18.
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In a report out Tuesday, Abramsky said he expects smart phones to take 35 percent of the handset market by 2012. That would mean 405 million smart phones, up from his previous forecast of 395 million.
Shares jumped 52 cents, or 3.9 percent, to $13.75 in midday trading. The stock has ranged from $1.14 to $16.80 over the past year.
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