Sirius Stock Could Rock Into the New Year

J.P. Morgan Securities raised SIRI to "overweight" from "underweight"

Digital Content Manager
Jan 2, 2019 at 9:49 AM
facebook twitter linkedin

The shares of Sirius XM Holdings Inc (NASDAQ: SIRI) are up 0.9% at $5.76, on an upgrade from J.P. Morgan Securities. The brokerage firm raised its rating to "overweight" from "underweight," and hiked its price target to $7 from $6 -- a near 23% premium from current levels -- saying SIRI's recent pullback is a buying opportunity. 

Despite ending 2018 with a 6.5% gain, it's been a rough few months for SIRI stock. The stock suffered a bear gap in September on plans to buy sector peer Pandora (P) for about $3.5 billion, and subsequently found a stiff ceiling in the $6.40 area.

Analysts are currently split on SIRI, with five "strong buys," compared to three "holds" and two "strong sells." Meanwhile, the consensus 12-month price target sits at $6.93 -- in line with J.P. Morgan Securities' new target. 

Elsewhere, short sellers have been circling Sirius XM, with short interest increasing by 5.9% in the past two reporting periods. The 214.5 million shares sold short represents a whopping 18.9% of the stock's total available float.


Stop leaving money on the table with the same old broken options trading approach...

There is no options strategy that more perfectly capitalizes during earnings season better than this simple call and put buying strategy. Perfect for aggressive traders looking to recover their suffering portfolios so far in 2022. With the simplest possible options strategy, Schaeffer's team with 100+ years of options trading excellence, target 200% gains on every single trade. So many trades are being beaten down by the market, but don't be one of them! Don't waste another second... join us right now before the next trade is released! 

Schaeffer's Daily Bulletin Offer


Special Offers from Schaeffer's Trading Partners