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Palm Pre price target on the stock from $12 to $14

Mike Abramsky, an analyst for RBC Capital has raised his target price on Palm Pre stock from $12 to $14 confirms a report on Barrons. Abramsky says the Palm Pre offers the benefits of the iPhone and the BlackBerry.

Abramsky also believes that a positive reception of the Palm Pre will “trounce the sceptics.” Abramsky’s earnings expectations are higher than the Street, with a forcast for a loss of $1.91 per share for the fiscal year ending May vs. the consensus of a loss of $2.37 per share.

So basically if the Palm Pre sells to the tune of 10 million handsets from release through to the same time in 2010, Palm should have $1.4 million in sales on a non-GAAP basis in May. Which means non-GAAP profit would total a loss of 13 cents.