Smart phone maker Palm Inc. is reportedly consulting with investment bankers at Morgan Stanley and weighing its options, including the possibility of a sale. The Sunnyvale CA-based company, a long-time maker of PDAs and smartphones, has been facing tough competition in recent years from cell phone makers Nokia Inc. and Motorola Inc., as well as the Canadian-based BlackBerry maker Research in Motion Ltd. The company’s shares soared last week with the emergence of speculation that it could be acquired by another company. Analysts have suggested that a private sale could help Palm.