His new price target on Sirius XM is $2.25. Ratcliffe is still feeling better about Liberty Media than about Sirius XM, upgrading those shares, too, today. He sees Liberty Media eventually taking either de facto control or a majority stake in Sirius XM. Liberty Media would then use a Reverse Morris Trust to spin off the unit to its shareholders in a tax-free transaction. Some may argue that a glut of Sirius XM shares on the open market would slam the stock, but Ratcliffe sees aggressive share repurchases on the satellite-radio provider's part if that happens. Sirius XM continues to grow up, and that's going to be a boost for the believers. Running of the bulls I remain bullish on Sirius XM's future. It should come as no surprise that I'm promoting the CAPScall initiative for accountability by reiterating my bullish call on Sirius XM for Motley Fool CAPS. XM Satellite Radio was a Rule Breakers recommendation before the Sirius XM merger.