Sirius XM Radio (SIRI) Data Points to Strong Growth

July 3, 2013 10:59 AM EDT
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June SAAR and a Goldman Sachs consumer survey both highlighted strong growth at Sirius XM Radio (NASDAQ: SIRI). The two data points have positive implications, thinks analyst Matthew Niknam.

"June light vehicle SAAR of 16.0mn exceeded both GS (15.7mn) and Street forecasts, which we view positively for volume growth at Sirius XM. Notably, this marks the first time since 2008 that auto sales have touched the 16.0mn run-rate," said Niknam.

"Our Consumer team, in its recent quarterly survey of 2,000 US consumers, found that respondents reported robust levels of optimism, with "intent to spend" reaching a new high in 2Q13, likely owing to ongoing jobs creation and the wealth effect from rising home and equity prices. Importantly, consumers indicated the most enthusiasm for spending on autos; the delta between autos and all other categories was significant," he added.

Goldman Sachs has a Buy rating on Sirius XM Radio with a price target of $3.50

For an analyst ratings summary and ratings history on Sirius XM Radio (NASDAQ: SIRI) click here. For more ratings news on Sirius XM Radio click here.

Shares of Sirius XM Radio closed at $3.44 yesterday.

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