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Analyst lowers Sirius' subscriber, cash flow estimates and price target
Oct 28 13:29 pm
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All Comments by markbmark »Sirius Boosts Lineup with NBA Offering [View article]
PHILADELPHIA (AP) -- Shares of Sirius XM Radio Inc. fell on Tuesday after an analyst reduced his subscriber and cash flow forecasts for the satellite radio provider and maintained a "Sell" recommendation on the stock.
Wienkes believes the company will reduce or miss its subscriber projections as demand erodes.
He also noted that Sirius' revenue isn't enough to cover operating and capital expenses, leading to negative free cash flow while the company continues to be dependent upon outside financing in a tight credit market.