Susquehanna International Group Remains Not Rated on Sirius XM Radio on Disproportionate Downside

In a report published Tuesday, Susquehanna International Group analyst Joseph Stauff remained Not Rated on

. In the report, Susquehanna International Group noted, “SIRI has doubled since early 2012 (from $1.86 to $3.73) on the back of improving unit economics (due to its first price increase ever of +12% effective 1/1/12) and a tailwind from LMCA spending ~$1.7B to buy 655m shares through early 2013. At this point, we think the run in SIRI is over and we are bearish, and as a result we think SIRI stock has disproportionate downside of ~(20%) vs. 10% upside.” Sirius XM Radio closed on Monday at $3.73.