# Analyst: XM to 41M by 2015



## Nick (Apr 23, 2002)

*"XM One to Watch in Sat Radio"*

One Wall Street insider said he expects big things from XM 
Satellite Radio.

Tom Watts at SG Cowen said in a research note released last 
week that subscriber estimates for the company will continue 
to rise, "supporting further stock price appreciation." Watts
also said he expects numerous initiatives within XM to support 
growth through 2008.

Because of that, Watts said XM shares could outperform Sirius 
during the next 12 to 18 months. He recommended in his note 
the purchase of both stocks.

"We believe XM is creating a content portfolio that appeals 
broadly to mainstream interests," Watts said. "Critical mass 
for advertising dollars has almost arrived with roughly 14 
million daily listeners."

Also, XM has made significant moves within the automotive 
manufacturing channel, including key deals with Nissan and 
Hyundai. "With 2.5 million cars sold annually, significant 
upside to our estimates is possible," Watts said.

Watts and SG Cowen projected XM may have 41 million subs
by 2015 and 24 million by 2010.

www.SkyReport.com - used with permission


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