The Return of the Shakiest Analyst in the West
it has oft been said:
"Better to remain silent and be thought a fool than to open one's mouth and remove all doubt."
Matt Harrigan removes all doubt:
Wunderlich Securities Increases PT on Sirius XM Radio to $2, Maintains Hold (SIRI)
By Emily Austin
Benzinga Staff Writer
May 13, 2011 9:53 AM
Wunderlich Securities reiterated its Hold rating on Sirius XM Radio (NASDAQ: SIRI). Wunderlich decided to leave its rating unchanged, even though it increased its price target on Sirius from $1.65 to $2.
In a research report published today, Wunderlich states, "We are increasing our price target on Hold-rated Sirius XM (SIRI) to $2.00 from $1.65 while leaving intact ample five-year forecast assumptions. We had lowered our Sirius XM PT on 3.23.11 largely through a revision in assumed LT growth rate to 1% from 3%; we are now pushing the assumption back to this threshold and assuming a beta of only 1.15. We continue to emphasize long-term normalization of U.S. vehicle sales and conversion rates rather than Howard Stern litigation or auto sales aberrations off Japanese output and parts supply chain noise.
http://www.freesmileys.org/smileys/s...aughing021.gifThe stock's 19% appreciation since a not-that-inspiring Q1 report has to be partially attributable to momentum investors and short-covering."
In today's trading, Sirius added 0.44% to its value and is currently trading at $2.29.
Read more: http://www.benzinga.com/analyst-rati...#ixzz1MFFAR3Rf
Classic backpedal . . . anyone who tries to defend THIS is not worthy of your "clicks."
Matt Harrigan (pictured below), hard at work at the palatial offices of Wunderlich Securities.