Miller Tabak Upgrades Sirius XM to "Buy"

In a note out today, Miller Tabak upgraded satellite radio provider Sirius XM

to “buy” from “neutral” while raising its short-term price target on the stock to $2.20 from $1.90 and its long-term price target to $2.55 from $2.40. Both targets imply substantial upside from where Sirius currently trades. Miller Tabak cited better cash flow at Sirius and increased speculation that Liberty Capital

may seek to increase its stake from an as-converted 40% next year either outright or via SIRI share buybacks, according to the note.