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Lehman Brothers downgraded Handspring (HAND
) to buy from strong buy.
Analyst Joseph To says pricing on the low end of the product spectrum will become more aggressive as Palm and Handspring seek to move inventory through the channel through Dads & Grads seasonal promotions. He thinks Handspring may look to take a more proactive approach after having been held hostage to Palm's pricing actions over the last month. With no new positive catalysts over the next several months, he believes handheld computing stocks will trade in a range of two to five times his calendar 2001 revenue estimate based upon their growth rates relative to PCs and handsets.