Following a disappointing earnings report, a Wall Street analyst has cut his price target on Palm to $0. In other words, he believes the company’s shares will be worthless within twelve months.

The report comes from Canaccord Adams technology analyst Peter Misek, who wrote this morning that, “We believe Palm’s troubles will only accelerate as carriers and suppliers increasingly question the company’s solvency and withdraw their support.”

Although Palm’s revenue tripled in its most recent quarter versus the prior year, less than half of the smartphones it shipped to distributors actually sold. And for the coming quarter, Palm offered a revenue estimate of less than half of what analysts were expecting.

Initial optimism about the Palm Pre and Pixi – which are now also available on Verizon — had sent the company’s shares as high as $18/share last fall, but following today’s report, the company sees its shares back under $5. As of December ’09, the company had an estimated 6 percent share of the US smartphone market.

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