Sirius XM Price Target Raised
NEW YORK (
) -- Analysts are bullish on
Sirius XM
(SIRI) - Get Report
as it prepares to report earnings tomorrow.
Wunderlich Securities analyst Matthew Harrigan raised his price target of Sirius to $1.75 in a report released Wednesday morning.
"The recent stock run is likely off both the economy and the
334,000 third-quarter subscriber gain preannouncement," reads the report.
Vote: Howard Stern: Will He Leave Sirius?
Harrigan estimates sales will rise more than 14% for the quarter to $720.2 million.
Harrigan also views the tense contract negotiation between Howard Stern and Sirius as a positive. "Stern is important to Sirius in that he provides an edge for the brand even for non-Stern listeners, almost similar to what NFL Sunday Ticket does for
DirecTV
(DTV)
," said Harrigan. "We actually regard an extended face off as a form of free marketing for both Stern and Sirius." He believes the number of "avid" Stern listeners may be as high as 3 million.
Sirius XM is scheduled to report its third quarter report
on Thursday Nov. 4 before the market's open.
Editor's Note: An earlier version of this article erroneously stated that Howard Stern would be interviewing Martha Stewart to mark the one-year anniversary of her Sirius XM channel. That interviewed occurred in December 2006. TheStreet regrets the error.
-- Written by Theresa McCabe in Boston.
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RELATED STORIES:
>>Sirius XM Stock; Earnings Preview
>>Sirius Reaches New 52-Week High
>>Sirius XM: Hirings, Firings and Negotiations
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