JP Morgan Adjusts Estimates For Sirius XM

Sirius XM Radio Inc. SIRI reported better than expected 2Q results, with only equity valuation left to question, JP Morgan reports. JPM expects FY10 EBITDA of $610M, up 32% y/y and ahead of the company's $575M guidance, which JPM views as conservative. 1.3M subscribers are expected to add in 2010, expected to surpass the 20M subscriber mark by year end. JPM maintains its "neutral" rating, while acknowledging the risk of Howard Stern's departure and also the slight recovery in new car sales, there are many factors limiting the company's upside. Sirius XM Radio Inc. closed yesterday at $1.06.