Palm Investors, iPhone's Got Your Number

SAN FRANCISCO -- Those of you betting that Palm(PALM) will finish as one of 2009's top percentage-gainers continue to be in good standing.

But after a tripling of the shares in the past six weeks, it may be time for a dash of cold water, courtesy of AT&T(T).

Palm's stock broke a 52-week intraday high earlier Friday, reaching as high as $9.51 before pulling back to $8.86, off 16 cents, in recent trading.

The latest spark was a note from the fine folks at Credit Suisse, who have jumped on the bandwagon of the company's eventual launch of its Pre device, which has brought Palm -- and its stock -- back to life in the wake of numerous oohs and aahs last month from the tech-gadget intelligencia.

Credit Suisse slapped a $11 price target on the shares, saying it expects upcoming Pre product and distribution announcements to drive earnings momentum, which will boost profit estimates and have the stock outperforming over the next 12 months.

(One has to keep in mind that when shareholders have seen their stock fall to $1.14 within the past two months, a long-term move to $11 from $9 is still cause for celebration.)

Palm's Pre is its bet-the-company shot at not yielding to the encroachment of Apple's(AAPL) iPhone. Of course, it's no coincidence that the Pre offers touch-screen capability like the iPhone, nor is it a coincidence that the two companies have been sniping at each other through the media about "intellectual property."