Morgan Joseph Downgrades Sirius Satellite Radio (SIRI) to Hold
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Morgan Joseph downgrades Sirius Satellite Radio (Nasdaq: SIRI) from Buy to Hold.
The firm said, "We believe integrating the two companies (XM & Sirius) would be a major challenge in a healthy economy. Therefore, we are increasingly concerned that the company might have been too aggressive with its 2009 combined EBITDA guidance, especially in light of the continued weakness in the auto market, which both players are becoming increasingly dependent upon."
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