Barrington Research Maintains Sirius Outperform, $2.40 PT

Barrington Research maintained its Sirius XM Radio (NASDAQ: SIRI) Outperform rating and $2.40 price target in a research report published today.

In the report, Barrington Research states, "Sirius XM Radio continues its story of redefining its growth and profitability potential. Subscriber counts continue to rise, helped importantly by much improved auto sales trends. The market should continue to broaden on the base of higher levels of new auto sales, 65% penetration of new cars for the trial market, a roughly 45% conversion rate, no material change in churn levels, the increased market potential for new cars, and the likely favorable impact of the satellite radio 2.0 program on both the auto and retail markets."

Later in the report, Barrington Research notes, "Financial position continues to improve, positioning the company to seriously consider the return of capital to shareholders, potentially involving a share buyback as early as next summer."

Shares of Sirius were trading at $1.77 at the time of posting, up 1.29% from Friday's market close.