UPDATE: Piper Jaffray Raises PT on Sirius, Based on Used Car Initiatives and Hispanic Tier

In a report published Thursday, Piper Jaffray analyst James Marsh raised 2014 revenue estimates on Sirius XM Radio

from $4,043M to $4,180M, EBITDA estimates from $1,492M to $1,563M, and increased the PT from $4.50 to $5 with an Overweight rating. Marsh noted SIRI's incredible business model, boasted by “differentiated programming, strong monetization, tight cost controls and solid new car sales.” According to Jaffrey, SIRI's used car initiative could aid in $5B in revenue and a new Hispanic tier with 10 Spanish channels will also generate new subscribers. Further, Sirius 2.0 can compete with other ‘connected car' candidates. Marsh reported, “while we expect music-oriented services to get more competitive over time, we believe that SiriusXM's exclusive non-music deals, strong relationship with OEMs, frictionless billing relationship, and new push into smart phones and in-car telematics should help offset these risks to growth.” Sirius XM shares closed at $3.83 on Wednesday.