Evercore ISI analyst Vijay Jayant downgraded Sirius XM Radio (SIRI) to Underperform from In Line with an unchanged price target of $4.50. The stock rose 42% yesterday with no change in business fundamentals, the analyst tells investors in a research note. The firm says Sirius is now “by far” the most expensive stock in its U.S. cable and telecom coverage universe “with secular concerns about the long-term growth.” Evercore recommends that investors rotate into Liberty Sirius (LSXMA), which owns 83% of Sirius XM, given its 61% discount to net asset value.
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