Market Overview

UPDATE: Miller Tabak Upgrades Sirius XM Radio to Buy

Related SIRI
Jim Cramer Advises His Viewers On Delta Air Lines, Pandora And Adobe
Lightning Round: Jim Cramer Weighs In On Juno Therapeutics, Halliburton And More

Miller Tabak has published a research report on Sirius XM Radio (NASDAQ: SIRI) and has upgraded the company from Neutral to Buy based on valuation.

In the report, Miller Tabak writes, "We are upgrading our recommendation on Sirius XM Radio (SIRI-$1.89-Buy- Target $2.55) to Buy from Neutral and keeping our target at $2.55/sh. We believe the selling has been overdone related to the evaporation of hopes for a SIRI stock buyback program (which would help creep up Liberty Media's (LMCA-$80.66-Buy-Target $101) ownership. It was perhaps the LMCA lack of success in petitioning the FCC for de facto control of SIRI licenses (which is still in an appeal process) that precipitated LMCA's forward purchase contract that, if physically closed in 3Q12, would increase its ownership to 45.2%. We still believe a logical ultimate step could be eventual control by LMCA and/or a reverse Morris Trust for LMCA shareholders that could result in FCF being used for share buybacks."

Miller Tabak maintains its $2.55 price target on Sirius XM Radio, which is currently trading down $0.05 from yesterday's $2.02 closing price.

Latest Ratings for SIRI

Aug 2017CitigroupMaintainsBuy
Apr 2017Morgan StanleyDowngradesEqual-WeightUnderweight
Mar 2017BarclaysDowngradesOverweightEqual-Weight

View More Analyst Ratings for SIRI
View the Latest Analyst Ratings

Posted-In: Miller TabakAnalyst Color Upgrades Price Target Analyst Ratings


Related Articles (SIRI)

View Comments and Join the Discussion!