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Sub Growth Drives XM Satellite Radio

Staff -- Multichannel News, 7/14/2002 8:00:00 PM

Deutsche Bank Alex. Brown cable and satellite analyst Karim Zia reiterated his "buy" rating and $19 price target on XM Satellite Radio, after the company reported strong second-quarter subscriber growth numbers. XM said it ended the quarter with 136,500 subs — ahead of company guidance of 130,000 customers and in line with Zia's estimates. XM launched its national service in November. Zia wrote that he expects XM to reach his year-end subscriber target of 381,000 customers. "We consider XM Satellite's national launch a success, and the company continues to execute flawlessly on its business plan," Zia wrote. XM stock closed at $5.39 on July 9, down 28 cents.

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