UPDATE: Wunderlich Securities Reiterates Hold Rating, Raises PT on Sirius XM Radio

In a report published Monday, Wunderlich Securities reiterated its Hold rating on Sirius XM Radio

, and slightly raised its price target from $2.80 to $3.00. Wunderlich Securities noted, “We are modestly increasing our price target on Hold-rated Sirius XM Radio (SIRI) to $3.00 from $2.80, largely off a higher 1500 S&P 500 assumption for our market linked valuation and a 4.0x net debt target. Given technicals and repurchase activity, we would not be surprised if the stock proceeded even higher from its current price but we regard the new discounted cash flow as a reach target barring a major fundamental development that alters our investment thesis. Our model explicitly adjusts for higher CRB royalties, and also includes 2013 quarterly estimates, including effects from the Q4 General Motors (GM-NR) deal revision continuing into 2014 on recognized paid promotional sub additions, sales, and favorable net cost benefits.” Sirius XM Radio closed on Friday at $3.23.