Sirius: Merrill Ups Rating; Sees "Imminent" Merger OK

July 1, 2008 at 10:57 am PT

Merrill Lynch’s Glen Campbell this morning raised his rating on Sirius Satellite Radio (SIRI) to Buy from Hold, while slightly trimming his price target to $2.70 from $2.80. Campbell says he expects “imminent approval” from the FCC for its pending merger with XM Satellite Radio (XMSR). Campbell says the upgrade reflects the recent decline in the stock and the upbeat post-merger guidance the company provided yesterday. The company sees $400 million in merger synergies, positive free cash flow before satellite cap ex and $300 million in EBITDA before stock compensation.

Read the rest of this post

Tagged with: Barrons, Eric Savitz, FCC, frontpage, Glen Campbell, Merrill Lynch, Sirius Satellite Radio, Tech Trader Daily, XM Satellite Radio

comments so far. Add yours.

About Voices

Along with original content and posts from across the Dow Jones network, this section of AllThingsD includes Must-Reads From Other Web Sites — pieces we’ve read, discussions we’ve followed, stuff we like. Six posts from external sites are included here each weekday, but we only run the headlines. We link to the original sites for the rest. These posts are explicitly labeled, so it’s clear that the content comes from other Web sites, and for clarity’s sake, all outside posts run against a pink background.

We also solicit original full-length posts and accept some unsolicited submissions.

Voices is edited by Beth Callaghan.