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Old 07-27-2004, 12:17 PM   #1
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Join Date: Dec 24, 2003
Posts: 826
Oberlyn is on a distinguished road
Default William Blair & Company Initiates Coverage of U.S. Satel


William Blair & Company Initiates Coverage of U.S. Satellite Radio Providers

CHICAGO, July 27 /PRNewswire/ -- William Blair & Company today announced
that it initiated research coverage of XM Satellite Radio Holdings Inc.
(Nasdaq: XMSR) ($23.83) with an Outperform rating and Sirius Satellite Radio
Inc. (Nasdaq: SIRI) ($2.39) with a Market Perform rating. Both companies were
assigned Aggressive Growth company profiles.
In her comprehensive industry report titled "Radio With Altitude: The
Promise and Potential of Satellite Radio," analyst Alissa Goldwasser wrote
that "satellite radio is transitioning from big risk to big time."
"With 2.6 million subscribers at the end of June 2004, satellite radio is
bridging the span from a speculative technology with unproven demand to a
high-margin business with broad, enthusiastic consumer acceptance. We believe
it is early enough in the business' life cycle for investors to capitalize on
tremendous expected growth, but late enough to better gauge the economics of
the business."
"On the basis of our view of satellite radio's growth potential and
profitability profile, we believe that both market participants, Sirius
Satellite Radio and XM Satellite Radio, will reward investors with attractive
returns over the long term," she added. "However, within the next year we
expect that the most important factors for the stocks will be positive or
negative news flow and progress toward analyst estimates of subscribers and
the timing of cash flow breakeven. We have greater confidence that XM will
perform favorably against these criteria."
William Blair & Company, L.L.C. ( ) is a
Chicago-based investment firm, founded in 1935, offering investment banking,
asset management, equity research, institutional and private brokerage, and
private capital to individual, institutional, and issuing clients.
William Blair & Company, L.L.C. has received compensation for investment
banking services from the companies within the past 12 months, or expects to
receive or intends to seek compensation for investment banking services in the
next 3 months.
William Blair & Company, L.L.C. is a market maker in the security of these
companies and may have a long or short position.
For important disclosures and information regarding the firm's rating
system, valuation methods and potential conflicts of interest, please visit:
Additional information is available upon request.
William Blair & Company, L.L.C. is a member of the National Association of
Securities Dealers, CRD number 1252.

SOURCE William Blair & Company, L.L.C.

/CONTACT: Tony Zimmer of William Blair & Company, L.L.C.,
+1-312-364-8611, /
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