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Sirius XM potential takeout not derailed by today's news, says Piper Jaffray

Piper Jaffray believes Sirius XM's (SIRI) buyback and special dividend announcement today will not derail the eventual takeout of the company by Liberty Media (LMCA). Piper said it remains bullish on shares of Sirius XM with an Overweight rating and $3.20 price target.