Oppenheimer - sirius' Q1 Largely Positive
May 1, 2007
Oppenheimer: SIRI: 1Q07 Results Largely Positive
- Although our target is under review, we rate shares of Sirius Satellite Radio Inc. a Buy due to the long-term favorable prospects for satellite radio growth across both retail and auto-installed market. While SIRI's stock appears expensive by most conventional metrics, adjusting the company's enterprise value to revenue multiple by its 2004-08E revenue compound annual growth rate reveals a PEG-type ratio below the cable operators.
- SIRI reported largely positive 1Q results this morning albeit a bit mixed as net adds beat our estimates, but financial metrics disappointed slightly. We maintain our Buy rating on the SIRI shares.
SIRI maintained 2007 guidance across all metrics
5/01/2007 10:01:00 PM
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