Citigroup raises target price on XM Satellite
By David B. Wilkerson
Last Update: 8:40 AM ET Jan 10, 2007
CHICAGO (MarketWatch) -- Citigroup analyst Eileen Furukawa lifted her 12-month price target on XM Satellite Radio (XMSRxm satellite radio hldgs inc cl a
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XMSR ) to $21 from $16 a share on Wednesday, telling clients that increasing numbers of customers who buy cars and trucks equipped with XM radios are likely to sign up for the service. She added that the possibility of a merger with rival Sirius Satellite Radio (SIRIsirius satellite radio inc com
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SIRI ) should provide "downside support" for XM stock. Furukawa, writing about XM's Tuesday evening presentation at the Citigroup Entertainment & Media Conference, noted that there is an "increased openness" on XM's part to consider such a merger, and that XM believes that while a deal could pass muster with the Department of Justice, Federal Communications Commission approval is "less certain." The analyst adds that in her view, an XM-Sirius merger would be signed before the fall of 2007, to "take advantage of a better regulatory environment." Furukawa maintained her buy rating on XM shares. |
