Sirius Satellite Radio stock (SIRI) fell sharply today after two Wall Street firms (Smith Barney and Bear Stearns) lowered their ratings on the satellite radio provider.
Sirius shares are down about 18 percent 20 percent.
Analysts at both firms said the company's recent flood of positive news had made the stock overly pricey. Sirius shares hit a 52-week high of $9.43 Tuesday, nearly triple its trading price just two months before. Smith Barney cut its rating to 'sell' from 'hold' while Bear Stearns downgraded Sirius to 'peer perform' from 'outperform.'
Both analysts cited Sirius' 11% jump Tuesday as an example of the market's overreaction. Don't say I didn't tell you so.
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