Bear Stearns' Robert Peck at it again
Satellite Standard Group likes to keep you informed. Although the analyst's comments were previously posted, this article hit the wires today.
Forbes Market Scan
XM Device Gets FCC Certification06.16.06, 1:36 PM ET
XM Satellite Radio has cleared a major hurdle regarding its SkyFi 2 radio receiver, but the company still faces major issues. On Thursday, the Federal Communications Commission certified XM's SkyFi 2 radio receiver model, according to the satellite radio company.
XM has sold approximately 500,000 units of the SkyFi 2 to date, according to estimates from Bear Stearns analyst Robert Peck.
"While we believe this is definitely a positive event for the company, we think there are still major issues that need to be addressed," the analyst wrote in an investor note Friday. These issues include ongoing inquiries from the Federal Trade Commission, product delays, stakeholder lawsuits and tepid consumer demand.
The analyst maintained an "underperform" rating on XM while maintaining a positive outlook for the industry as a whole. He said he believes the market is big enough for both XM and competitor Sirius Satellite Radio.
Also this week, the Audiovox Xpress receiver was approved by the FCC. "We view this as a positive for the company as it can start shipping these units into the retail channels," Peck said.
6/16/2006 02:15:00 PM
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