Wednesday, November 22, 2006

Analyst Comments: Barrington On SIRI & XMSR

JAGNote by Barrington Research Associates
(JAGNotes.com 11/22 09:04:48)

XMSR: Market Perform - The firm noted they are maintaining a MARKET PERFORMrating on XMSR.Our bottom line isthat we feel XM may well have turned the corner and we are warming to thestock.We feel Sirius maintains an advantage in subscriber momentum at themomentand is also exhibiting more confident leadership. However, XM has made anumber of changes to strengthen its management team in recent months.Stocksin a duopoly situation like this are likely to be tied to one another and they
willlikely fare better if both companies are demonstrating fundamentalimprovement.If it turns out that ultimate subscriber counts fail to match the mostoptimisticforecasts, the downturn in the stocks over the past year has likely discounted
thispotential. Importantly, the tone of increased financial responsibility andthefocuson reducing deactivations/churn that came out of both managements inrecentcalls are encouraging to us as the next step in progression for this industry.

11/22/2006 09:15:00 AM

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