Radio host Howard Stern announced he is staying with Sirius XM Radio, ending speculation that he might leave the satellite radio station.
Barton Crockett, media analyst at Lazard, shared his take on the stock going forward.
“[Sirius has] a great lineup of content and there’s no one close to them,” Crockett told CNBC.
Crockett explained why he has a “buy” rating on Sirius XM , noting the stock has more than doubled in value since January.
“They’ve had an impressive ability to refinance their debt coming out of their near-bankruptcy experience a year ago,” he said.
“Since then, EBITDA has surged…These guys will be generating more than a billion dollars in free cash flow by 2015 and by that point, there will be no debt and they will be buying back a lot of their stocks.”
Scorecard—What He Said:
- Crockett's Previous Appearance on CNBC (Oct. 20, 2010)
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Crockett does not own shares of SIRI.