NEW YORK ( TheStreet) -- Shares of Sirius XM Radio (SIRI - Get Report) have been "horrendous" ever since the deal with Liberty Media (LMCA) fell through, according to TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio.
The deal would have been advantageous for investors, he added, but just because it wasn't completed doesn't mean the stock isn't worth owning.
He said Sirius is attractive at current levels because the company has strong cash flow, solid management and is a play on new car sales. Earlier this month, the company announced that it will resume its share buyback program, which should also provide some level of support.
"At this point," Cramer concluded, "you want to own the business."
Must Read: Cracks Beneath the Market's Surface- - Written by Bret Kenwell in Petoskey, Mich.