Originally Posted by
socalrunningfool
S&P MAINTAINS HOLD OPINION ON SHARES OF SIRIUS XM RADIO
(Standard & Poor's)
With recent signs of some auto OEM stabilization likely further outweighed by continued anemic retail trends, we see about 18.2M and 18.0M subscribers by '09 and '10 end, respectively (vs. '08's 19.0M), considering cash-for-clunkers and iPhone app. SIRI seems to have weathered near-term financing hurdles, though probably not fully dissipated. Factoring $750M of new senior notes (partly on refi), we narrowed '09 loss per share est by $0.08 to $0.08, see $0.01 EPS for '10 (vs. $0.06 loss), and we raise our EV/Sales target price by $0.50 to $1, noting $7B of net operating losses.