Bernstein: Comments On SIRI and XMSR

Sirius Satellite-SIRI downgraded to Mkt Perform from Outperform@BERN -
(theflyonthewall.com 12/13 08:54:34)

The firm has revised its sub forecasts for the industry. The firm downgraded SIRI as they are more reliant in the Retail aftermarket than outperform rated XMSR. SIRI target to $4.

XM Satellite Radio-XMSR target lowered after sector review, reit OP@BERN -(theflyonthewall.com 12/13 09:04:37)

Bernstein lowered XMSR's target to $19 from $24 after a review of the sectorand lowering industry forecasts by -14% for 2010 due to maturation of theretail channel. They also believe relative valuation gap between XMSR andcompetitor SIRI will close. Bernstein recommends a pair trade: longXMSR/short SIRI.

12/13/2006 08:57:00 AM

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