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Palmsource (PSRC) Entry in 17s

PSRC looks intriguing here. They have had consistently positive results, that have solidified the chart, with the 16 area being a firm bottom. Potential upside? Forward estimates are $0.68 and 84M in revenue for 2004, and $1.53 and 100M in rev for 2005. Secondary offering boosts their cash level to $88M, with a 12M share base, for $7 cash.



That gives me a target of 20X earnings + cash or $21. 20% upside. Funny. PnF also gives a target of $21.25. Market closed at 17 today. Here's the chart>



PSRC chartPSRC chart



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