Today J.P. Morgan upgraded both SIRI and XMSR to overweight from neutral, saying satellite radio is well on its way to becoming a standard feature in new cars. J.P. Morgan also notes that they think subscriber rates have peaked and that cautious growth assumptions will still put Sirius at the 15 million mark by 2010.

These subscription levels are based on deals that will be hashed to get satellite radio preinstalled in new car models. "We see potential upside as the momentum in the industry appears to be towards making satellite radio a standard feature, which is not yet included in our models," J.P. Morgan said.

This is some good news for SIRI stock holders although, I am not sure how truly valuable this kind of information is. What does matter is that this kind of reporting has SIRI up 2% in early trading today.

One should also note that this recent report put XM at 14 million subscribers by 2010. I tend to disagree that it will take that long for Sirius to surpass XM, especially based on recent Q4 numbers. Instead, I am willing to bet that Sirius will be the #1 Satellite Radio provider by the end of 2007 and I expect to be linking back to this post when it is announced.