Pay-radio operator Sirius XM has pleased the market by signing up an extra 2.3 million subscribers during its Q4, taking the total installed based to 29.6 million. It had guided the market to expect just 2 million extra subscribers during Q4.

Sirius XM has a reputation for issuing conservative future guidance, and this latest snapshot for the year ahead talks modestly of future growth of just around 1.4 million net new subscribers, overall revenues of about $4.9 billion and free cashflow of $1.4 billion.

Sirius XM is controlled by Liberty Media.

Equity analysts at Macquarie revised upwards Sirius XM’s target share price from $4.75 to $4.85, and an ‘Outperform’ rating.

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