In our new InvestorPlaceBlogs Chat Room, I hosted an afternoon Happy Hour chat with members of our community.

At the end of this engaging discussion, I closed by asking all participants to mention their favorite stock to own at the moment.

What was my choice?

Sirius Satellite Radio (SIRI) of course.

The choice wasn't even close for me, as I can think of no other name that has been beaten up by the market for so many unjustifiable reasons.

This stock is ready to explode, and there are many reasons why you want to own SIRI right now. For starters the long-awaited merger with XM Satellite Radio is about to be approved by the Federal Communication Commission (FCC).

This morning, the agency, which had been deadlocked in a 2-2 tie with respect to approving the deal, stated that Republican, Deborah Taylor Tate would support the deal if the companies agreed to pay fines related to prior and supposedly continued transmission violations. The $19.7 million combined fine will pave the way for the FCC to approve the deal.

Best I can tell, there will be no additional concessions required beyond those already reported.

This news is extremely bullish for shareholders and will begin an ascent toward a valuation more fitting for a monopolistic industry dominator.

Indeed, the combined entity will now be a monopoly free to charge prices that ensure profitability. In fact, the definition of a monopoly suggests that future revenue generation will be above the level that would be generated with normal competition.

Do you all realize what this means? I do!

The first thing that comes to mind is Microsoft (MSFT).

Five years from now, once all of the dust is settled, commentators will note how SIRI dominates its space just as MSFT does with respect to operating software for personal computers. That domination in a market that is potentially quite large will justify the current valuation and much more. Oh, so much more.

I am firm in my long-held belief that at some point in the new millennium's second decade, SIRI will be worth multiple times today's valuation.

My current target price of...