SIRIUS XM Radio Inc. (NASDAQ: SIRI) is defying gravity this morning. An analyst downgrade this morning came from Gabelli & Co., yet SIRIUS XM is seeing its shares up right after the open this morning.
Gabelli took a prior Buy rating down to a Hold. We did not see a price target, and the downgrade was more on valuation from share performance than anything. The research report noted that SIRIUS XM should continue to grow subscribers.
Yesterday it was Maxim Group that maintained a Buy rating and raised the target to $1.80 from $1.40. RBC Capital also maintained a “Sector Perform” rating as well and the prior $1.00 target was said to be raised to $1.25.
So far the stock is defying pressure. SIRIUS XM is up about 1% around $1.57+ against a 52-week trading range of $0.56 to $1.61. Those highs are very recent highs.
JON C. OGG
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