SG Cowen Bumps Sat Radio Sub Forecast

Tuesday, November 29, 2005

From Forbes.com
SG Cowen analyst Tom Watts recommended the purchase of both Sirius Satellite Radio (nasdaq: SIRI - news - people ) and XM Satellite Radio Holdings (nasdaq: XMSR - news - people ), and raised estimates for net added subscribers for both companies. He sees Sirius valued at $10 per share, up from $8.40, and sees XM valued at $50 per share, up from $47.40.

Watts said Sirius and XM will benefit from increasing OEM commitments and retail awareness. In a research report he raised estimated net adds for the sector by 14 million through 2015, bringing an ending subscriber count to 74 million, compared with an earlier estimate for 60 million.

The analyst raised the estimated ending subscriber count through 2015 on XM up by 4.6 million to 41 million; he raised the estimate for Sirius by 9.4 million to 33 million. For XM, Watts attributed the higher estimate to increasing OEM commitments from General Motors (nyse: GM - news - people ), Honda Motor (nyse: HMC - news - people ) and Nissan (nasdaq: NSANY - news - people ). "We are raising both OEM and retail net adds for Sirius thru 2015, essentially closing in on XM's lead," said Watts, noting that "net adds will not taper off following the expected rise in 2006 due to Howard Stern."

By Ed Lin - Forbes.com

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