Miller Tabak media industry analyst David Joyce, raised his rating on Sirius XM from Hold to Buy yesterday while adjusting both his short term price target to $2.20 ($1.90) and his long term to $2.55 ($2.40).

In addition to Sirius XM's “better free cash flow,” Joyce cites increased speculation that Liberty Capital may increase their stake in the satellite radio provider as reason for his recent upgrade.

As noted late Sunday in the New York Post, John Malone has already engaged in preliminary talks about adding to his already monstrous 40% stake in Sirius XM.