XMSR: More Analyst Comments On Q3

October 5, 2006



Oppenheimer:
10/05/2006 : JAGNote by Oppenheimer & Co. Inc.(JAGNotes.com 10/05 09:18:13)
XMSR: Buy - The firm noted they rate XMSR a Buy. $32.50 price target suggests
considerable upside potential from present levels. In spite of reduced forecasts, anticipate XMSR to uphold its lead in the industry as it is estimated to double its 2004

Sanders Morris Harris:
XM Satellite-XMSR Q3 net additions only 46% of last year's number-Hold@SMMI -(theflyonthewall.com 10/05 08:42:00)
SMMI expects XMSR to end the year with 8.03M subs, the middle of guidance.

Janco:
XM Satellite Radio-XMSR estimates lowered due to lower subscribers-MP@JANC -(theflyonthewall.com 10/05 09:37:39) The firm lowered their target to $14.50 from $17.

Live In Play, http://www.briefing.com,, 09:42

XMSR XM Satellite tgt cut before the open to $14.50 from $17 at Janco (11.80 -0.16)
Janco cuts their tgt on XMSR to $14.50 from $17 saying F.M Modulator issues, continued market share weakness and higher churn likely all conspired to produce lower than expected sub growth. The firm says concerns regarding the trajectory of industry growth at retail and churn concerns could exacerbate additional worries regarding expense controls. Firm also lowers their 2006YE subscriber estimate to 8.1 mln.

10/05/2006 09:25:00 AM

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