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Technology Stocks : XM Satellite Radio Holdings Inc. (XMSR)
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From: i-node11/27/2006 11:36:54 AM
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XM Satellite: BofA comments on near-term headwinds to XMSR and caution on SIRI (15.27 )

Banc of America sees near-term headwinds to XM Satellite (XMSR) and caution on Sirius (SIRI). The firm says their recent channel checks with their buying sources continue to indicate a much weaker 4Q sales environment than last year for satellite radio. Their belief is that checking with retail buyers is a better gauge of demand levels than store-level checks. They are modeling gross retail industry subscribers to decline by ~20% YoY and SIRI to maintain leading share. However, they say SIRI management seems to want investors to focus on a merger scenario; the firm continues to believe that such a deal is unlikely in the near term (given their view of FCC/DOJ, Democratic control of Congress, likely heavy arb pressure on SIRI, and XMSR's view that their Auto OEM strength could command a higher price in the future.
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