“This set of hardware specs beat anything available to date on the tablet market,” Steven Li at Raymond James said in a research note issued today. “We believe the PlayBook tablet shows RIM is starting to compete effectively on hardware specs.”

RBC analyst Mike Abramsky offered a similar opinion, describing PlayBook’s specs as “leading-edge” and arguing that the device is well positioned for enterprise. “PlayBook may be cheaper, more productive than iPad for enterprises to deploy,” he observed, noting that the device requires no additional licenses or carrier costs and leverages existing corporate apps and infrastructure. Abramsky’s preliminarily estimate has RIM selling as many as six million PlayBooks in its first year at market.

Brian Modoff of Deutsche Bank said the company’s new OS has a lot of potential, likely making it easier for developers to write for the device and future products that use it.

Finally, over at Susquehanna, analyst Jeffrey Fidacaro talked up the device’s new QNX operating system, which sounds promising, though he noted that the transition to it could take some time, slowing the development of its app ecosystem.

“An app developer contact who works closely with RIM described the recently acquired QNX OS as “rock solid” as it was designed for mission critical applications, and felt that the SDK allowed for applications to be ported over fairly easily,” Fidacaro wrote. “The QNX OS is Unix-based and supports POSIX (easy portability of code) and OpenGL (3D graphics). We view RIM’s transition to a new OS positively as the Blackberry OS was antiquated, which apparently was not fully resolved with the recently launched Blackberry 6. However, we estimate the transition period to fully upgrade RIM’s 50+ mln subscriber base to the new platform to take at least two years. Furthermore, it is uncertain how easy RIM can port its proprietary technologies, such as security and compression, to the QNX platform.”

And that’s the real problem RIM (RIMM) is facing here: PlayBook is late to the game, and, as impressive as its specs might be, the timing of its launch– early 2011–may prove to be a real detriment. “With the PlayBook only available for consumers after the holiday season, we view this as a mild disappointment,” T. Michael Walkley of Canaccord Adams said in a note to clients Tuesday. “As such, we remain cautious in modeling RIM tablet sales due to the intensifying tablet competition and uncertain demand for this product.”

In his latest note on the company, Canaccord Adams analyst Peter Misek says Palm’s (PALM) already substantial troubles are mounting. Palm’s latest problem: Delays in the long-rumored launch of its smartphones on AT&T (T). Originally expected this spring, sources now say the debut of new Pixi and Pre models has been pushed back until summer.

“Beyond generally lacklustre handset sales in the current quarter, which are already reflected in our previous estimates, we have recently learned that AT&T has delayed the planned launch of the Pre and Pixi on its network from April to June/July,” Misek writes.

“Moreover, we believe that this is more than just an ordinary delay,” the analyst adds, “as AT&T has cited a long list of technical issues with the Pre and Pixi. Furthermore, the carrier has decreased its initial order size and has decided to sharply reduce its marketing budget for the launch.”

So: A delayed launch on another major carrier, a smaller first order and a soft marketing budget. On top of these issues, Misek cites a mysterious “list of technical issues.” I’m not quite sure what he is hinting at; my sources tell me there are no problems with the devices on AT&T’s network–but perhaps Misek knows something they don’t.

Leaving the mystery list aside, this is bad news all around for Palm, which clearly needs the additional distribution it will get through AT&T sooner rather than later. Misek is slashing his February quarter unit shipment forecast to 670,000 from 720,000 and his 2011 forecast to 3.58 million units from four million.

Honestly, this getting difficult to watch.

Palm is scheduled to report third-quarter earnings after Thursday’s closing bell.

FURTHER READING:

• Could WebOS Licensing Be Palm’s Salvation?
• Palm’s Salvation? Less Push, More Pull.
• And if Palm’s Project JumpStart Doesn’t Work Out, There’s Always “Project Defibrillator”
• Double Face-Palm: Analysts React to Palm’s Lowered Guidance
• Time to Start Looking for a Buyer, Palm?
• 2010: Year of the Palm? Maybe Not…
• Analyst: Palm May Be Acquired in the Next Two Years

In a research note this morning, Canaccord Adams analyst Peter Misek says he has heard rumblings that production issues at Apple’s (AAPL) manufacturing partners may keep the company’s iPad in short supply when it first goes on sale.

“We have…heard that the upcoming iPad launch may be somewhat limited as a manufacturing bottleneck has impacted production of Apple’s newest device,” Misek writes.

“An unspecified production problem at the iPad’s manufacturer, Hon Hai Precision,” the analyst explains, “will likely limit the launch region to the US and the number of units available to roughly 300K in the month of March, far lower than the company’s initial estimate of 1,000K units.”

Looking ahead, he adds, “The delay in production ramp will likely impact Apple’s April unit estimate of 800K as well. It is also possible that, given the limited number of units available in March, the launch will be delayed for a month.”

If Misek is right–and that’s a big if; Misek’s prediction earlier this year that Apple would debut a brand new iPhone on Verizon (VZ) at its January special event proved woefully off–it’s a slight setback for Apple, which obviously wants to take good advantage of enthusiasm for the device to really blow out first-year sales. That said, since this would be only a temporary production delay, it probably wouldn’t have that much effect on sales.

Says Misek: “We believe that the only material impact from the iPad delay could come in the form of frustrated consumers and some modest loss of lustre for the company’s product launch.” He figures Apple will sell 550,000 units in its third quarter, which ends in June, 1.2 million in fiscal year 2010 and 3.5 million in 2011.

iPhone OS 4.0. And the iPhone 4G–on Verizon (VZ).

That’s the word from Canaccord Adams analyst Peter Misek, who believes there’s “a good chance” we’ll hear about all three come next Wednesday.

“Together with our semi-conductor partners, we have ascertained that there is a reasonable chance the Asian supply chain is prepping for mass production of a new iPhone in March, for availability in late Q2, likely June,” Misek wrote in a note to clients today.

“The phone will be carried on Verizon and hence will operate on the CDMA network,” he asserts, adding, “however, it will also support European GSM and HSPA standards. An updated 4GS version that will support LTE is anticipated to arrive in June 2011.”

As to the cost, the analyst expects change. “At this moment, we have not heard about the pricing of the device, but believe it will be different from what it is at the moment. While we remain of the view that tiered data plans are imminent, our checks indicate the new iPhone from Verizon will still come with an unlimited data plan.”

Now, I have no idea how much credence to give speculation like this, nor do I have any insider insight into Apple’s carrier negotiations. But I will say this: It seems unlikely that Apple will announce a new iPhone and carrier partnership right after unveiling a brand new, and presumably revolutionary, product.

It might do so before, though. After all, the debut of the iPhone at Macworld 2007 was prefaced by the announcement of Apple TV.

[Image credit: Robert Davis / iLounge]

“We are very impressed by Apple’s ability to post a record profit quarter during difficult macro spending conditions,” Canaccord Adams analyst Peter Misek said in a note to clients this morning. “A host of new product introductions and continued traction with the iPhone give us confidence in the sustainability of Apple’s operating model.”

Suffice it to say, Misek wasn’t the only the analyst lauding Apple’s (AAPL) fourth-quarter performance. Below a selection of commentary from other Apple watchers:

Gene Munster, Piper Jaffray
“September results were strong despite headwinds of iPhone production constraints and a Mac desktop offering in need of a refresh. We expect these headwinds to become tailwinds in the December quarter, which we believe will be positive for AAPL shares in the coming months.”

Mike Abramsky, RBC Capital Markets
“With strong financial performance and product uptake amidst recession, and further catalysts (iPhone in China, Tablet, refreshed iMacs, iPhone share gains/momentum), we foresee further upside for the shares.”

Maynard Um, UBS
“Upside to virtually every metric in the qtr backs our positive view on Apple. We continue expect greater “recurring” iPhone hardware revenue (growing installed base & stickiness of the App Store), which should drive more visibility into iPhone sales (20%+ of our FY10 iPhone shipments), as well as iPhone expansion driven by new partnerships (& end of exclusivities). Longer term, we believe a service to provide seamless access & mobility of digital content across all products may be the draw (halo) that drives additional future Apple product sales.”

Tavis McCourt, Morgan Keegan
“Overall, Q4:09 was a strong quarter for Apple, as the Mac is nearly becoming the de facto computer for the back-to-school season. Additionally, iPhone trends remain remarkably strong, with unit economics holding up at unheard of levels in the wireless industry.”

Yair Rainer, Oppenheimer
“As usual, Apple appears to be leaving plenty of room for upside surprises to both revenue and margins. On the revenue side, Apple should benefit from continued Mac momentum (particularly in Europe), higher recognized iPhone revenue, and some channel fill for both Mac and iPhone. Gross margin upside is likely to come from a higher proportion of recognized, high-margin iPhone revenue.”

“We are very impressed by Apple’s ability to post a record profit quarter during difficult macro spending conditions,” Canaccord Adams analyst Peter Misek said in a note to clients this morning. “A host of new product introductions and continued traction with the iPhone give us confidence in the sustainability of Apple’s operating model.”

Suffice it to say, Misek wasn’t the only the analyst lauding Apple’s (AAPL) fourth-quarter performance. Below a selection of commentary from other Apple watchers:

Gene Munster, Piper Jaffray
“September results were strong despite headwinds of iPhone production constraints and a Mac desktop offering in need of a refresh. We expect these headwinds to become tailwinds in the December quarter, which we believe will be positive for AAPL shares in the coming months.”

Mike Abramsky, RBC Capital Markets
“With strong financial performance and product uptake amidst recession, and further catalysts (iPhone in China, Tablet, refreshed iMacs, iPhone share gains/momentum), we foresee further upside for the shares.”

Maynard Um, UBS
“Upside to virtually every metric in the qtr backs our positive view on Apple. We continue expect greater “recurring” iPhone hardware revenue (growing installed base & stickiness of the App Store), which should drive more visibility into iPhone sales (20%+ of our FY10 iPhone shipments), as well as iPhone expansion driven by new partnerships (& end of exclusivities). Longer term, we believe a service to provide seamless access & mobility of digital content across all products may be the draw (halo) that drives additional future Apple product sales.”

Tavis McCourt, Morgan Keegan
“Overall, Q4:09 was a strong quarter for Apple, as the Mac is nearly becoming the de facto computer for the back-to-school season. Additionally, iPhone trends remain remarkably strong, with unit economics holding up at unheard of levels in the wireless industry.”

Yair Rainer, Oppenheimer
“As usual, Apple appears to be leaving plenty of room for upside surprises to both revenue and margins. On the revenue side, Apple should benefit from continued Mac momentum (particularly in Europe), higher recognized iPhone revenue, and some channel fill for both Mac and iPhone. Gross margin upside is likely to come from a higher proportion of recognized, high-margin iPhone revenue.”

As I write this, Palm is trading at $6.10–up an astonishing 85 percent since its big announcement. And it seems destined to go higher still, given the enthusiastic reception analysts have given it.

Deutsche Bank’s Jonathan Goldberg raised his rating on Palm (PALM) to Hold from Sell saying this morning that he is impressed with the Pre and the direction in which the company is now heading.

“Our thesis on Palm has been that its future is a binary outcome,” he wrote in a note to clients. “We are favorably impressed with the new device and more importantly with the new WebOS. We think the focus has now shifted from their mere survival to execution. The earnings model has the potential for significant earnings leverage, but our outlook is tempered by Palm’s history of missteps. We think they can ship 1m units FY09 and 4m in FY10. The stock has run significantly over the past two days reflecting this, but as we learn more about the popularity of the OS and the potential for them to actually ship a UMTS version of the Pre this year we will revisit our thesis.”

Obviously, there are a few noteworthy caveats in there. Still, Goldberg’s note is vastly different from the funereal notes analysts were writing about the company less than a month ago. Indeed, on Dec. 18, Canaccord Adams analyst Peter Misek essentially dismissed the company. “Due to increased competition in the industry, Palm has lost its place as a leading smartphone manufacturer and has gradually become less relevant as more competitors have introduced more innovative smartphone devices,” Misek said. “The company is financially distressed and lacks any viable future catalysts which could help restore profitability…. We believe that Palm has become largely irrelevant in the smartphone space due to a series of strategic errors and poor execution.”

Clearly, Palm’s situation has changed for the better. Now, let’s see for how long.

As I write this, Palm is trading at $6.10–up an astonishing 85 percent since its big announcement. And it seems destined to go higher still, given the enthusiastic reception analysts have given it.

Deutsche Bank’s Jonathan Goldberg raised his rating on Palm (PALM) to Hold from Sell saying this morning that he is impressed with the Pre and the direction in which the company is now heading.

“Our thesis on Palm has been that its future is a binary outcome,” he wrote in a note to clients. “We are favorably impressed with the new device and more importantly with the new WebOS. We think the focus has now shifted from their mere survival to execution. The earnings model has the potential for significant earnings leverage, but our outlook is tempered by Palm’s history of missteps. We think they can ship 1m units FY09 and 4m in FY10. The stock has run significantly over the past two days reflecting this, but as we learn more about the popularity of the OS and the potential for them to actually ship a UMTS version of the Pre this year we will revisit our thesis.”

Obviously, there are a few noteworthy caveats in there. Still, Goldberg’s note is vastly different from the funereal notes analysts were writing about the company less than a month ago. Indeed, on Dec. 18, Canaccord Adams analyst Peter Misek essentially dismissed the company. “Due to increased competition in the industry, Palm has lost its place as a leading smartphone manufacturer and has gradually become less relevant as more competitors have introduced more innovative smartphone devices,” Misek said. “The company is financially distressed and lacks any viable future catalysts which could help restore profitability…. We believe that Palm has become largely irrelevant in the smartphone space due to a series of strategic errors and poor execution.”

Clearly, Palm’s situation has changed for the better. Now, let’s see for how long.

We’ve learned and struggled for a few years here figuring out how to make a decent phone. PC guys are not going to just figure this out. They’re not going to just walk in.”

– In 2006, Palm CEO Ed Colligan utters the words he’d be choking down two years later.

The invitation-only event Palm plans to hold during the 2009 Consumer Electronics Show in early January promises “all that Palm New-ness you’ve been waiting for”–“new-ness” presumably referring to the company’s new Nova operating system and the first line of products to run on it. And after five straight quarterly losses and a year in which it lost two-thirds of its market value, Palm (PALM) best deliver on that promise. Because Wall Street is fast losing its patience with the much diminished handset maker, which, according to Gartner (IT), holds a paltry 2.1 percent of the smartphone market. Indeed, Canaccord Adams analyst Peter Misek essentially threw in the towel on the company Wednesday slapping Palm with a Sell rating at a target price of zero.

“Due to increased competition in the industry, Palm has lost its place as a leading smartphone manufacturer and has gradually become less relevant as more competitors have introduced more innovative smartphone devices,” Misek explained. “The company is financially distressed and lacks any viable future catalysts which could help restore profitability…. We believe that Palm has become largely irrelevant in the smartphone space due to a series of strategic errors and poor execution. With very little balance sheet flexibility to mount a comeback, we believe that Palm shares remain a very risky bet, even at current valuation levels.”

Ouch.

Clearly, Misek doesn’t put much faith in the Palm New-ness that will be on display at CES next month. But there are others who do. Said Mike Bell, a 16-year Apple (AAPL) veteran who joined Palm last year: “I’m fundamentally convinced we’re onto something huge. Some of the stuff we’re working on here is mind-blowing–better than anything I’ve seen before.”

Hard to believe, given what we’ve seen from Palm these past few years. But perhaps Bell’s right. We’ll find out next month.

Really? Leaving aside for a moment the fact that Microsoft already has a mobile OS in Windows Mobile and the fact that RIM’s client architecture is, you know, based on Linux, wouldn’t a merger between two of the largest players in the smartphone market invite antitrust scrutiny?

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