BGB Securities Reiterates Sirius XM Radio Buy, Raises PT To $2.40 (SIRI)

BGB Securities reiterated its Sirius XM Radio SIRI Buy rating and raised its Sirius price target from $2 to $2.40 in a research report published today. In the report, BGB Securities states, "Sirius posted a solid quarter, with adjusted EBITDA exceeding expectations, though revenues fell a little short. The company raised its 2011 FCF forecast, while reaffirming all other metrics. While near-term visibility faces minor challenges related to the effect of the Japan disaster on the new vehicle supply chain, Sirius re-asserted its strong outlook, highlighting the leverage to cash flows in its model, its probable plans to raise prices, and the likelihood of returning capital to shareholders." Shares of Sirius XM Radio were trading at $2.09 at the time of posting, up 1.01% from Tuesday's market close.