Sirius XM Holdings Inc (SIRI)

[Bart Myers]

Wunderlich Securities reiterated its Hold rating on Sirius XM Radio (NASDAQ: SIRI). Wunderlich decided to leave its rating unchanged, even though it increased its price target on Sirius from $1.65 to $2.

In a research report published today, Wunderlich states, "We are increasing our price target on Hold-rated Sirius XM (SIRI) to $2.00 from $1.65 while leaving intact ample five-year forecast assumptions. We had lowered our Sirius XM PT on 3.23.11 largely through a revision in assumed LT growth rate to 1% from 3%; we are now pushing the assumption back to this threshold and assuming a beta of only 1.15. We continue to emphasize long-term normalization of U.S. vehicle sales and conversion rates rather than Howard Stern litigation or auto sales aberrations off Japanese output and parts supply chain noise. The stock's 19% appreciation since a not-that-inspiring Q1 report has to be partially attributable to momentum investors and short-covering."


Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/05/1082371/wunderlich-securities-increases-pt-on-sirius-xm-radio-to#ixzz1MF0RTaqt