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The share price of Sirius XM Radio Inc. (NASDAQ: SIRI) manages to just keep rising and rising. The stock recovered handily after the recession, increasing from pennies to $1.00. Then shares rose to above $2.00, and now shares are well above $3.00. If Barclays is correct in a broader media research assessment, then Sirius XM shares could rise to $4.50 over the next year.

A new research call from Barclays in the media sector on Wednesday rated Sirius XM shares as Overweight and the price target is $4.50 for a one-year outlook. Most of the media names mentioned in the Barclays report were given more cautious assessments. Note that the consensus price target, according to Thomson Reuters, is $4.25, and the street-high analyst price target is actually now up at $5.00 for Sirius XM shares.

The research report is on the heels of yet another favorable debt refinancing move, which was perfected under prior CEO, Mel Karmazin. Sirius XM Radio priced an offering of $600 million in senior notes due all the way out in 2021, some eight years out, at only a 5.75% coupon. Sirius said at the time that the proceeds from these new notes and its cash on hand would be used to redeem its outstanding 8.75% senior notes that were set to mature in 2015. Without considering that pay-up, that is a 300 basis point savings ,and it pushes out an upcoming maturity out another eight years.

After last week’s earnings report, Wunderlich Securities maintained a Hold rating, but the firm raised its price target up to $4.00 from $3.50.

This is one of those stocks that has continued to rise. What is amazing is that Wall Street analysts have continued to chase it up as well with ever higher price targets. If Barclays turns out to be correct in its positive research call, the Sirius XM Radio shares have upside of more than 20% over the next year.

Shares are up 1% at $3.74 so far on Wednesday, against a 52-week range of $2.09 to $3.81. Yahoo! Finance lists its market capitalization at some $23.35 billion as of now.