FBR Capital analyst, Barton Crockett, reiterates an Outperform rating on Sirius XM Holdings Inc. (NASDAQ:SIRI) with a price target of $5.00, following the company’s 2Q earnings report.

The analyst updates his model to 1.73 million net subscriber additions for ’16 to end the year at over 31.32 million subscribers. This number is up from 1.66 million net adds and 31.26 million subscriptions, previously.

The analyst notes,, “We up our EBITDA estimates modestly, and take our price target to $5.00, after an encouraging 2Q16 earnings report that featured upside in subscriber growth and EBITDA, and suggestions of admiration for at least the free radio portion of Pandora.”

According to TipRanks, Barton Crockett is ranked #278 of 4,083 analysts. He maintains a success rate of 59% and realizes an average return of 8.3%.