Rosenblatt Securities upgraded Sirius XM (SIRI) to a buy rating from neutral.
The firm increased its price target to $46.00 from $24.00.
Analysts cited a recent YouTube partnership and an increased focus on S-band spectrum as primary growth drivers.
The new target suggests a potential upside of nearly 64% from the stock's previous close.
Sirius XM shares reached a new 52-week high of $28.44 following the announcement.
The broader analyst consensus remains a hold with an average price target of $26.89.