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NEW YORK (
Sirius XM(SIRI - Get Report) shares climbed 2.92% to $2.64 before market open after Bank of America Merrill Lynch initiated coverage of the satellite radio giant with a buy rating.
"Despite a turbulent history, Sirius XM is on the cusp of leveraging premier content and its growing subscriber base," wrote research analyst Jessica Reif Cohen, in a note released on Tuesday. "In our opinion, Sirius XM's best days are ahead, as the automobile sales recovery chugs along."
Bank of America Merrill Lynch has a $3.75 price target for Sirius XM, which was the most active premarket Nasdaq stock on share volume of 2,468,981.
Citi also reiterated its buy rating on Sirius XM early on Monday, citing
Liberty Media's(LMCA) recent moves toward taking control of the radio firm.
"Over the past few months, Liberty has spent $1.4 billion in cash to increase its stake in Sirius from 40% to 49.6%," wrote Citi analyst Jason Bazinet, in a note. "We expect Liberty to cross the 50% threshold later this year."
Liberty Media was also upgraded to buy by Citi.
Facebook(FB - Get Report) was once again a
gainer in premarket trading, rising 0.95% to $22.20 on Tuesday.
The social networker's shares closed up 1.52% on Monday after Chief Operating Officer Sheryl Sandberg discussed "the huge opportunity" offered by mobile during an interview with
CNBC and voiced the company's disappointment and surprise at its botched IPO earlier this year.
Cisco(CSCO - Get Report), which has enjoyed a recent rally, gained 1.11% to reach $19.11.
Research In Motion(RIMM) shares also headed northward in premarket trading, rising 0.51% to reach $7.90.
Apple(AAPL - Get Report), which is
rumored to be planning the launch of its iPad Mini later this month, was up 0.84% to $664.90.
--Written by James Rogers in New York.
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