JPMorgan analyst Sebastiano Petti views the 12% selloff in shares of Sirius XM Radio since the company's Q1 results as overdone. The weakness is largely driven by Sirius XM's self-pay subscriber miss and concerns over the satellite segments underlying trends and turnaround at Pandora, Petti tells investors in a research note. However, the analyst says the company's financials are "solid" and he reiterates an Overweight rating on the shares with a $7 price target. The bull thesis is still intact despite the "mixed" Q1 results as Sirius XM's metrics should accelerate through year-end, says Petti.

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