Sirius XM downgraded to Underperform from In Line at Evercore ISI

Evercore ISI analyst Vijay Jayant downgraded Sirius XM Radio (SIRI) to Underperform from In Line with an unchanged price target of $4.50. The stock rose 42% yesterday with no change in business fundamentals, the analyst tells investors in a research note. The firm says Sirius is now “by far” the most expensive stock in its U.S. cable and telecom coverage universe “with secular concerns about the long-term growth.” Evercore recommends that investors rotate into Liberty Sirius (LSXMA), which owns 83% of Sirius XM, given its 61% discount to net asset value.