Gabelli Upgrades Sirius XM Radio to Buy (SIRI)

Gabelli is out with its report today on Sirius XM Radio SIRI, upgrading SIRI from Hold to Buy. In a note to clients, Gabelli writes, "Since inception in 2000, satellite radio has never increased its subscription price despite the addition of new content. Sirius customers are loyal: 1.9% monthly churn is low compared to other subscription businesses and did not spike through the recession. With a relatively modest subscription price, we think SIRI can raise prices without significantly impacting consumers' budgets." At the time of posting, shares of SIRI were trading pre-market at $1.80, up 1.41% from Tuesday's close.