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UBS Financial Upgrades Sirius

UBS Financial upgrades Sirius Satellite Radio (SIRI) to buy from neutral.

Analyst Lucas Binder says he thinks fears over first-quarter 2005 seasonality reflected in stock, still expects Sirius to achieve its 2005 subscriber target of 2.5 million (he expects 2.55 million subscribers).

While first-quarter 2005 was a seasonally weak quarter, he thinks the introduction of Ford and DaimlerChrysler installs later this year and Howard Stern will drive subscription growth through 2005. He expects the second-half of 2005 will represent more stable growth and outlook. He has $6.50 target.

While Binder believes 21% potential upside represents an attractive buy opportunity, he notes the volatile nature of Sirius equity in the near-term will likely continue to impact shares.

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