Wells Fargo upgraded Sirius XM Holdings (SIRI) to Equal Weight from Underweight.
The bank raised its price target for the stock to $30 from $18.
Analysts increased the company's spectrum equity valuation from approximately $1 billion to nearly $5 billion.
This reassessment reflects growing demand for wireless and satellite connectivity spectrum.
The higher asset valuation provides enough support to offset ongoing pressures in the core satellite radio business.