Will This Upgrade Help Sirius XM (SIRI) Stock Today?

NEW YORK (TheStreet) -- Sirius XM (SIRI) was upgraded to "overweight" from "underweight" by Barclays (BCS), while keeping its price target of $4.00 for the satellite radio company, in a note published Wednesday. The stock is currently up 2.21% to 3.24.

Sirius has endured external adversities in recent months that should not worry investors, according to the report.

"Based on our conversations with investors, this could be driven by: concerns around subscriber growth on the back of trends over the last few quarters and SIRI's guidance and auto sales YTD; concerns on the impact of GM's auto recalls; and news on the competitive impact of Apple launching a streaming music service. In our opinion, apart from the subscriber trends, none of the other reasons should have any material relevance," Barclays said. 

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Separately, TheStreet Ratings team rates SIRIUS XM HOLDINGS INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate SIRIUS XM HOLDINGS INC (SIRI) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, expanding profit margins and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."

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