UPDATE: Piper Jaffray Reiterates Overweight Rating, Raises PT on Sirius XM Radio
In a report published Wednesday, Piper Jaffray & Co. reiterated its Overweight rating on Sirius XM Radio (NASDAQ: SIRI), and slightly raised its price target from $2.50 to $2.70.
Piper Jaffray noted, “We are updating our model to reflect Q2 earnings and latest management guidance. We are raising our price target to $2.70 from $2.50, using a 5yr DCF, based on 8.5x terminal EBITDA and 6.0% WACC.”
Sirius XM Radio closed on Tuesday at $2.30.
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Tags: Piper Jaffray & Co.