S&P Ups XM Satellite To Hold (3 Stars) From Sell (2 Stars)
JULY 27, 2006
S&P Stock Picks and Pans
S&P Cuts Dow Chemical, Ups XM Satellite
From
Standard & Poor's Equity ResearchXM Radio : Ups to 3 STARS (hold) from 2 STARS (sell)Analyst: Tuna Amobi, CPA and CFAWe believe second quarter results were lackluster, and note sharply reduced management guidance. However, we think worst is over and, with shares down sharply year-to-date, we view them as fairly valued. XM Satellite Radio recently passed 7 million subscribers, and plans to revisit its subscriber growth targets after its third quarter report. Still, we see overhang on product shipment delays during the FCC emission probe, plus other unrelated legal and regulatory matters. We are also wary of more retail market-share losses to rival Sirius (
SIRI ). Our target price remains $12. (Link to article:
HERE)
7/27/2006 08:39:00 PM
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