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By David Berman

Peter Misek, an analyst at Canaccord Capital, has a pretty good idea of what Palm Inc. (PALM) shares are worth in the wake of the management’s revenue projections for the fourth quarter: $0.

He explains:

“We believe Palm’s troubles will only accelerate as carriers and suppliers increasingly question the company’s solvency and withdraw their support. With what appears to be roughly 12 months of cash on hand, an accelerating burn rate, a complete lack of earnings visibility and substantial debt and preferred equity, we no longer see any value in the company’s common equity.”

The shares were down 28% in late afternoon trading on Friday, but held above $4 (U.S.). The sad part about this downturn, though, is that it wasn’t long ago that investors held out big hopes for the smartphone maker. Soon after it debuted its Pre handset more than a year ago, previously moribund Palm shares stirred, rising from near-nothing to a high of about $18 last September and feeding dreams that the company could compete with the likes of Apple Inc. (NASDAQ:AAPL) and Research In Motion Ltd. (RIMM)