We downgrade our recommendation for SIRIUS XM Radio (SIRI) to Underperform following the emergence of alternative technology of commercial-free Internet radio and extremely poor financial condition of the company.

According to our view, SIRIUS XM’s business model is going to face serious competition from the upcoming subscription-free Internet radio programming that will automatically customized to one’s personal tastes. In addition, continuation of the global economic downturn, particularly the slowdown in the auto industry, remains a cause of concern.

We did not find any growth catalyst that may result in upward movement of the stock price in the near-term. Our price target ticks down a penny to 64 cents per share.

Zacks Investment Research

1. (SIRI) SIRIUS XM Radio Downgraded to UnderperformWe downgrade our recommendation for SIRIUS XM Radio Inc. (SIRI) to Underperform following the emergence...
2. (SIRI) SIRIUS XM Radio Initiated as NeutralWe initiate coverage for SIRIUS XM Radio Inc. (SIRI) with a Neutral recommendation, which means...
3. (SIRI) SIRIUS XM Radio Reports Mixed ResultsSIRIUS XM Radio Inc. (SIRI) reported third quarter 2009 financial results. Quarterly revenue of $618.7...
4. (CBS) CBS Switches Off Radio – agreed to sell four of its radio stationsYesterday, CBS Corp. (CBS) agreed to sell four of its radio stations – KINK-FM, KUPL-FM,...
5. (SIRI) Echostar’s (SATS) Power PlaysFor market outsiders who don’t relish the chess game of corporate finance, headlines don’t always...

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