Barrington Maintains Outperform on Sirius XM After 1Q Earnings

Barrington Research has published a research report on Sirius XM Radio

after the company reported its 1Q earnings that met or exceeded analyst expectations. In the report, Barrington writes, "Results were largely driven by a better-than-expected 404,596 net subscriber gain in the quarter (our estimate had been 319,608). Net additions brought the quarter-end subscriber base to 22,297,420, topping our estimate of 22,212,736. The subscriber gain in the quarter reflected a combination of about 2.2 million gross additions, which were offset by approximately 1.8 million deactivations. The conversion rate remained flat in the quarter, at 45%." Barrington maintains its Outperform rating and $3 price target on Sirius XM Radio, which is currently trading down $0.03 from yesterday's $2.26 closing price.