Sell! Sell! Sell! That's what Singular Research says of XMSR. Singular Research provides research to institutional money managers and hedge funds, has recently updated its coverage of XMSR.

Sighting the revised subscriber projections XM recently released, and pointing to the host of ongoing litigation, Singular says very matter of factly, "As events unfold, we are becoming increasingly confident that current industry expectations are overly optimistic. We are now forecasting 15.7 million subscribers by 2010 versus the company's current estimate of 20 million subscribers."

Singular is just one such research firm that follows XMSR for institutional investors, hedge funds and other financial management firms and by no means should be taken as a pure authoritative source on the matter. Still, the tide has turned on XM in a surprisingly short amount of time. Once the darling of the satellite radio industry, XM is at the very least losing their grip on the lead as momentum has shifted in recent months to SIRIUS.

I'm still philosophically bullish over XM's prospects in the long run but, at this point I'd be hard pressed to put my money where my mouth is.

[via MarketWire]