🟢 Sirius XM is trading 4.85% up today after Wells Fargo upgrade and price target hike

Sirius XM is trading at $31.34 (+4.85%) after Wells Fargo upgraded the stock to Equal Weight and significantly raised its price target.

• The bank raised its price target to $30 from $18 and increased its spectrum equity valuation from approximately $1 billion to nearly $5 billion.
• The massive increase in spectrum valuation is supporting investor sentiment regarding the company's underlying asset value.
• Broader U.S. markets are also firmer as oil prices fall, providing a supportive backdrop, though the analyst upgrade remains the primary catalyst for the move.