Macquarie analyst Amy Yong believes that Sirius XM (SIRI) shares are attractive whether or not the company were to pursue an acquisition of Pandora (P), but that such a deal could refresh the long-term story and rerate the shares. She estimates the purchase of Pandora, assuming a $15 per share offer, would dilute Sirius XM's 2017 free cash flow per share by about 3%, adding Sirius XM's balance sheet "could easily absorb an all-cash or mostly-cash deal." Meanwhile, Sirius and parent Liberty could strengthen Pandora's execution while the satellite-digital combination and the addition of Pandora's over 80M active users "could single-handedly resolve Sirius XM's digital strategy," argues Yong, who raised her price target on Sirius shares to $5 from $4.85 and maintains an Outperform rating on the stock.

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