Coverage Initiated on Sirius Satellite Radio
We're intiating coverage on SIRI with a lukewarm Hold Rating.They have to earn their stripes, make money, and prove to Wall Street that Mel Karmazin and Howard Stern were well worth their hefty price tags.
A couple more blockbuster deals wouldn't hurt either.
HOLD on SIRI if you own it -- otherwise, wait until 2006 before you stick your head in this antpile.
The float on SIRI is too small -- meaning you can easily get burned if rival XMSR (which makes money) announces some mega news.
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