SIRIUS XM Radio Inc. (NASDAQ: SIRI) is defying gravity this morning.  An analyst downgrade this morning came from Gabelli & Co., yet SIRIUS XM is seeing its shares up right after the open this morning.

Gabelli took a prior Buy rating down to a Hold.  We did not see a price target, and the downgrade was more on valuation from share performance than anything.  The research report noted that SIRIUS XM should c
ontinue to grow subscribers.

Yesterday it was Maxim Group that maintained a Buy rating and raised the target to $1.80 from $1.40.  RBC Capital also maintained a “Sector Perform” rating as well and the prior $1.00 target was said to be raised to $1.25.

So far the stock is defying pressure.  SIRIUS XM is up about 1% around $1.57+ against a 52-week trading range of $0.56 to $1.61.  Those highs are very recent highs.

JON C. OGG