SIRI - Sirius XM cut at Credit Suisse after run up on short frenzy

Sirius XM (SIRI) cut to neutral from outperform at Credit Suisse as the satellite radio operator appears to have been included in highly shorted names who are rallying after retail investors go on a buying spree.SIRI's share price increased "materially" in past two days (up 13%)  in "what we believe is a phenomenon unrelated to the fundamentals of the business," according to analyst Brian Russo.Given recent outperformance, SIRI now trading closer to Credit Suisse price target of $7.50 meaning that a downgrade seems warranted.Credit Suisse maintains outperform on Liberty Sirius XM (LSXMA).Recall Jan. 7, Sirius XM says it's beating 2020 subscriber guidance, issues forecast for 2021.

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Sirius XM cut at Credit Suisse after run up on short frenzy