Cowen & Co Makes Positive Comments on Sirius/XM After Yesterday's 'Goldman Effect' Sell-Off
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Cowen & Co. comments on Sirius Satellite Radio (Nasdaq: SIRI) and XM Satellite Radio (Nasdaq: XMSR) after the stocks sold off 12% and 17% yesterday, respectively, following a negative research note from Goldman Sachs.
The firm said they disagree with the Goldman note and expect FCC approval of the merger and the debt restructuring to drive a rebound of both stocks in the near term.
Some points Cowen made:
- The increased penetration of Chrysler and GM should generated higher Q/Q and Y/Y OEM adds, more than offsetting any slowing in vehicle sales.
- Sees merger synergies at $5B.
- Sees FCC approval of the merger in July
- Debt to Be Renegotiated by Closing
- Expects Arb Spread to Re-Narrow
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Comments
"Lets get'r done".... Approve the merger....
People that remember "AM" knows that the next best thing that came out was "FM / FM Stereo". Until !! "FM" stations got caught up in more, more & more advertisements... And now.... The artist - backed by the recording industry - now is demanding more monies in royalties till someone came along too finally put "FM" and all terrestrial radio to utter shame. I too have a subscription to Sirius Radio and have had this ever since it started. And LOVE IT. Let quit the non sense and approve it without need of placing extra BS on an very important service to which all of us that have paid subscriptions can enjoy. O.D.
Jones
I think Goldman did that so they can get in the stock on a good price themselves. Who wants to wake up and see their $2.50 stock drop by 30 cents off a irregular downgrade. That was a terrible thing for Goldman to do. GO IPI!
DITTO
I couldn't agree more with the above post.
Thanks!
Thank you for a refreshing rebuttal to the naysayers. I'm in a major market with 70 terrestrial signals to choose from(DFW) and nothing to listen to except the same ole liner cards and 10 min commercial breaks...or blah blah blah on am talk....I've had Sirius since 2004 and let the pros from NY program an amazing audio experience for me. Terrestrial radio is a thing of the past.!
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XM Radio
Ely Wentzel on Jun 24, 2008 01:17 PMWhen you drive for a living as I did (car) you don't want to keep fiddleing the the tuner. I have had XM since the inception and will not give it up without a fight. Let the merger happen!!!