Sirius XM upgraded at Evercore As previously reported, Evercore upgraded Sirius to Overweight from Equal Weight. The firm cites valuation and expectations for rapid growth of its telematics business, which it does not believe is currently reflected in the stock price. Price target raised to $4.50 from $3.90.
Sirius XM buyback announcement positive but expected, says FBR Capital FBR Capital said Sirius XM's announcement last night of a $2B expansion of its buyback authorization is a positive, but is also consistent with the firm's expectations. FBR adds that the timing of the announcement suggests the company have been opportunistic with its repurchases during the recent pullback in the market. The firm keeps an Outperform rating on Sirius shares.