UPDATE - Miller Tabak Upgrades Sirius XM Radio (SIRI) to 'Buy' on Better Free Cash Flow Conversion, Heightened Speculation that Liberty Capital May Increase Stake
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Price: $28.39 --0%
Rating Summary:
13 Buy, 12 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 5 | New: 25
Rating Summary:
13 Buy, 12 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 5 | New: 25
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UPDATE - Miller Tabak upgrades Sirius XM Radio (NASDAQ: SIRI) from Neutral to Buy, short-term price target raised from $1.90 to $2.20 (long-term target from $2.40 to $2.55)
Miller analyst says, "Catalyst: increasing investor speculation that Liberty Capital (Nasdaq: LCAPA) may seek to increase its stake from an as-converted 40% next year either outright or via SIRI share buybacks – it would be a typical Liberty Capital move to try to take control of an asset with strong free cash flow but with NOLs that shelter the company from the bulk of its cash taxes."
"One cautious note: while the long-anticipated subscription price increase should start benefitting ARPU in January 2012, with the current stagnant economy and various audio/customizable radio alternatives such as Spotify and Pandora (NYSE: P), there could be a risk of increased churn."
To see more ratings on SIRI, Click Here
Miller analyst says, "Catalyst: increasing investor speculation that Liberty Capital (Nasdaq: LCAPA) may seek to increase its stake from an as-converted 40% next year either outright or via SIRI share buybacks – it would be a typical Liberty Capital move to try to take control of an asset with strong free cash flow but with NOLs that shelter the company from the bulk of its cash taxes."
"One cautious note: while the long-anticipated subscription price increase should start benefitting ARPU in January 2012, with the current stagnant economy and various audio/customizable radio alternatives such as Spotify and Pandora (NYSE: P), there could be a risk of increased churn."
To see more ratings on SIRI, Click Here
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