Why Sirius XM (SIRI) Stock Is Up Today

NEW YORK (TheStreet) -- Sirius XM  (SIRI) rose slightly on Wednesday after Wunderlich Securities reiterated its "hold" rating and $3.50 price target on the stock.

"Even as competition within the car accelerates, we maintain a Hold rating on Sirius XM Radio (SIRI)," the firm wrote in a research note. "The lynchpin for potential 2020 operating income (and 2014 price target) remains annual customer additions, inclusive of reactivated radios, and pricing power.

"Google's new acquisition of Songza and Apple's purchase of Beats show that competition is gradually gravitating toward full ecosystem players more so than current music-streaming only entrants such as Spotify or even Pandora's 'Music Genome.' Yesterday, Apple also announced nine more CarPlay partners, including Audi, Chrysler, Dodge, and Mazda. With both Google and Apple courting global car makers, OEMs are now likely to pair Android and iOS capabilities."

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The stock was up 0.73% to $3.46 at 10:41 a.m.

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 a few notable 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 and expanding profit margins. We feel these strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value."

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