Sirius XM Radio (SIRI) PT Raised to $29 at Rosenblatt

Rosenblatt analyst Barton Crockett raised the price target on Sirius XM Radio (NASDAQ: SIRI) to $29.00 (from $28.00) while maintaining a Neutral rating.

The analyst commented: " SiriusXM used its media conference appearance yesterday to announce a strategic pivot-- scratching its former growth plan to push cheaper, more targeted streaming packages at "growth demos." The company instead is moving back to basics, focusing on car-based subscribers, and introducing 2025 guidance for more revenue and EBITDA declines. Free cash flow grows, however, as capex comes down. While the new 2025 guidance is below consensus, it was slightly above our former estimates, allowing no meaningful changes to our investment stance. We retain a NEUTRAL rating, while our price target tweaks up $1 to $29, on slightly upped estimates, while continuing to presume a 7.5x EV/EBITDA multiple vs 2025E"

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