Wells Fargo Upgrades Sirius XM Radio (SIRI) to Equal Weight

Wells Fargo analyst Steven Cahall upgraded Sirius XM Radio (NASDAQ: SIRI) from Underweight to Equal Weight with a price target of $30.00.

The analyst comments "Upgrade to Equal Weight. We increase the net equity value of SIRI's spectrum in our SOTP valuation from ~$1bn (~$2.7/sh) to ~$4.9bn (~$12.1/sh), which increases our price target from $18/sh to $30/sh with all else equal. This moves our rating from Underweight to Equal Weight. The upper valuation range at $/MHz-POP + a shorter discounting period implies SIRI at closer to $37/sh, which is our new bull case. $1.25/MHz-POP implies $23/ sh, our new bear case."

For an analyst ratings summary and ratings history on Sirius XM Radio click here. For more ratings news on Sirius XM Radio click here.

Shares of Sirius XM Radio closed at $29.80 yesterday.

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