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Fly News Breaks for June 14, 2018
SIRI
Jun 14, 2018 | 09:05 EDT
BofA/Merrill analyst Jessica Reif raised her price target on SiriusXM to $8 from $7, saying that despite the investor concerns around the growth of connected and CarPlay enabled vehicles, the conversion of new cars to the service has been "steady" at 40% while the churn rate remains below 2%. The analyst also points to better than estimated SAAR growth of new auto sales in the U.S. markets, which bodes well for the company's subscription growth in Q2. Reif keeps her Buy rating on SiriusXM, anticipating continued improvement in its products supporting the ongoing subscription growth.
News For SIRI From the Last 2 Days
SIRI
Apr 24, 2024 | 04:52 EDT
Citi upgraded Sirius XM (SIRI) to Neutral from Sell with a price target of $3.30, down from $4.10. Over the last few months, the net asset value discount between Liberty SiriusXM (LSXMA) and Sirius XM has narrowed from 40% to 2%. To Citi's surprise, this occurred via a decline in Sirius XM's equity without appreciation in Liberty SiriusXM's value. The firm now finds the risk/reward in both securities as relatively balanced. As such, Citi upgraded Sirius XM from Sell to Neutral and downgraded Liberty SiriusXM from Buy to Neutral.
SIRI
Apr 24, 2024 | 04:40 EDT
Pivotal Research upgraded Sirius XM (SIRI) to Buy from Hold with a price target of $4.90, down from $5.05. The magnitude of the decline in Sirius XM's valuation has been surprising, exacerbated by a current lack of institutional ownership and the fact most investors owned parent Liberty Sirius XM (LSXMK) to play the narrowing of the net asset value gap rather than as a way to invest in Sirius, the analyst tells investors in a research note. The firm says this has created an attractive investment opportunity, highlighted by the 55% upside to its new target price. It views Sirius as a free cash flow acceleration story.