UPDATE: Morgan Stanley Increases PT to $2.40 on Sirius XM Radio

Morgan Stanley raises its price target from $2.30 to $2.40 on Equal-weight-rated Sirius XM Radio

on higher estimates of US auto sales. Morgan Stanley comments, "We raise our price target primarily on higher est. US auto sales in 2012, driving our ‘12E net sub add forecast from 1.35M to 1.6M. At ~19x ‘13E FCF (fully taxed), we remain EW SIRI and prefer LMCA as less expensive means of gaining SIRI exposure." SIRI closed at $2.25 on Wednesday.