Investors can see further upside in Sirius (NASDAQ:SIRI)

Denver, CO, 07/10/2013 (Avauncer.com) – Sirius XM Radio Inc (NASDAQ:SIRI) gained 3.30% to close at $3.60. The auto sales were strong for the month June, which will boost the revenue of Sirius. The company might play a significant role in the push for Time Warner Cable by the major stakeholder of Sirius.

The car sales for the month of June rose 13% compared to analysts’ estimates of 12%. The Factory-installed satellite receivers would help boost the sales of Sirius. The SUVs and flagship pickup trucks saw a rise in the sales, which majority of increase seen in the smaller fuel-efficient cars.

TD Securities lowered their rating on the stock from a “buy” rating to a “hold” rating, and have a targe price of $8.00 above their previous price target of $7.50. Of late Zacks had reiterated a “neutral” rating on the company’s stock and have a target price of $3.50. TheStreet also reiterated a “buy” rating on the stock. Bank of America too reiterated a “buy” rating on the stock and has a target price of $4.00 per share.

The stock has been rated as a “Buy” by 12 analysts, “Sell” by one analyst and “Hold” by seven analysts. The average target price of the stock is $4.23 per share.  Overall at the current price the stock has great potential to see an upside given the target price of $4.23. The stock is presently trading safely above its 50 days simple moving average and long 200 days simple moving average of $3.40 and $3.06 respectively. The relative strength index is also 62.27 so the stock is neither oversold nor overbought so this indicator too indicates that the stock can see further upside in the stock. The stock if breaks its resistance level of $3.63 hit on May 28 can see further upside.

The company has the potential to become an international player in the coming years.