US satellite radio company Sirius XM has had no end of bad press in the last year or so, but Lazard Capital Markets analyst Barton Crockett has given it a boost by praising its turnaround strategy. “Sirius XM has falling costs, more than 18.5M loyal subscribers accepting price hikes, entrenched growth via factory installs in most new cars, and limited debt maturities until 2013, when rising cash flow should make refinancing easy,” he writes in a research note. “Churn rates have improved, suggesting subscribers are very loyal and willing to pay higher rates. We see the music rights fee driving $52M of revenues in 2009 and $256M in 2010.” Source: PaidContent

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