Miller Tabak, which raised its PT on shares of Sirius XM Radio SIRI, is providing color on the stock.
“We are slightly decreasing our Sirius XM Radio estimates to reflect 1Q11 results that missed expectations due to a higher mix of paid promotional subs and customer retention efforts,” Miller Tabak writes.
“SIRI is in healthy shape, with an expected $377 mm of Free Cash Flow generation this year, up from our prior $338 mm estimate (guidance is for $350 mm), but at the current price including the conversion of Liberty Capital's LCAPA preferred, the stock is trading at a 2.7% FCF Yield, and 22.5x ‘11E EV/OIBDA, which is at a 1.3x premium to our 17.5% long-term OIBDA CAGR.”
Sirius XM Radio closed Wednesday at $83.07.
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Posted In: Analyst ColorAnalyst RatingsBroadcasting & Cable TVConsumer Discretionaryliberty capitalMiller TabakMovies & EntertainmentSirius XM Radio
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