Wienkes has been a satellite radio bear for quite some time. About a month ago he took the price targets on Sirius an XM substantially. At that time the reaction was instant and dramatic. Sirius and XM, hampered by the lack of a decision on the merger, caved on the news.
Oh how the mighty have fallen. Perhaps it was a $5 price target on XM that the street simply viewed as going way over the edge, or perhaps it was that more recently there had been measurable activity on the merger. Either way, the words of Mr. Wienkes seem to no longer shine the way they did a month ago.
The merger news and the FCC seeming to arrive at the conclusion without additional delays seems to have arrested the opinion of Wienkes. Will we see yet another report tomorrow? Only time will tell.