Miller Tabak Upgrades Sirius XM to "Buy"

In a note out today, Miller Tabak upgraded satellite radio provider Sirius XM (Nasdaq: SIRI) to “buy” from “neutral” while raising its short-term price target on the stock to $2.20 from $1.90 and its long-term price target to $2.55 from $2.40. Both targets imply substantial upside from where Sirius currently trades.

Miller Tabak cited better cash flow at Sirius and increased speculation that Liberty Capital (Nasdaq: LCAPA) may seek to increase its stake from an as-converted 40% next year either outright or via SIRI share buybacks, according to the note.