Things never get dull in SIRI-land. Shares of Sirius XM (NASDAQ: $SIRI) have sputtered yet again, down 2.3% for the year.
The stock saw a 2% spike last Friday on news that Liberty Media (NASDAQ: $LMCA) — which currently owns 53% of the company — was exiting plans to scoop up the rest of Sirius it doesn’t already own.
Some analysts have come to the satellite radio company’s defense, proclaiming that Sirius is better left alone.
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First, it was Jessica Reif Cohen, analyst at Bank of America (NYSE: $BCA), who issued a buy rating on the stock and slapped it with a $5 price target. From Tuesday’s closing price of $3.39, this target represents a 47% premium above current value. If Cohen is correct, this makes Sirius one of the best bargains on the market.