Sirius Satellite Radio “buy,” target price raised
Analyst David B Kestenbaum of IRG Research maintains his “buy” rating on Sirius Satellite Radio (SIRI.NAS), while reducing his estimates for the company. The target price has been raised from $4.50 to $6.75.
In a research note published this morning, the analyst mentions that the upward revision in the target price is on account of the recent appointment of Mel Karmazin as the CEO of the company. Also, the recent appointment of radio personality, Howard Stern, is expected to strengthen Sirius Satellite Radio’s radio audience in the forthcoming quarters, the analyst says. The EPS estimates for FY2004 and FY2005 have been reduced from -$0.50 to -$0.51 and from -$0.29 to -$0.30, respectively.
Sirius Satellite Radio “buy,” target price raised
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