Sirius Satellite Radio downgraded to "neutral" - update

11/24/04 - J.P. Morgan Securities

NEW YORK, November 24 (newratings.com) - Analyst Barton Crockett of JP Morgan downgrades Sirius Satellite Radio (SIRI) from "overweight" to "neutral."

In a research note published this morning, the analyst mentions that the downgrade in rating is based on valuation. The company's share price has appreciated 122% since September 30, as compared to a 3% increase in the S&P 500 index, the analyst says. According to JP Morgan, Sirius Satellite Radio is expected to capture a 44% share of the market by 2010.