Miller Tabak writes, "We are upgrading our recommendation on Sirius XM Radio (SIRI-$1.89-Buy- Target $2.55) to Buy from Neutral and keeping our target at $2.55/sh. We believe the selling has been overdone related to the evaporation of hopes for a SIRI stock buyback program (which would help creep up Liberty Media's (LMCA-$80.66-Buy-Target $101) ownership. It was perhaps the LMCA lack of success in petitioning the FCC for de facto control of SIRI licenses (which is still in an appeal process) that precipitated LMCA's forward purchase contract that, if physically closed in 3Q12, would increase its ownership to 45.2%. We still believe a logical ultimate step could be eventual control by LMCA and/or a reverse Morris Trust for LMCA shareholders that could result in FCF being used for share buybacks."