Sirius XM Radio (SIRI) PT Raised to $35 at Guggenheim

Guggenheim analyst Curry Baker raised the price target on Sirius XM Radio (NASDAQ: SIRI) to $35.00 (from $34.00) while maintaining a Buy rating.

The analyst commented: "SiriusXM reported 2Q earnings with revenue and adjusted EBITDA of $2.160bn and $691mm, compared to our/consensus $2.149bn/ $2.138bn and $688mm/ $654mm, respectively. The outperformance relative to our estimates was driven by advertising and SiriusXM subscription revenue. Our full-year 2026 outlook for revenue, adjusted EBITDA, and FCF are modestly higher and remain above SIRI's guidance (which we still believe to be conservative). Our thesis remains that core operating trends are relatively stable with a multi-year FCF tailwind from the satellite CAPEX cycle unlocking capital returns once leverage comes down. We also increasingly see upside optionality from spectrum monetization (FCC put out a NPRM around spectrum and emergent space activities which cited SIRI in early March - link), though material dollars are likely a few years down the road. We forecast SIRI will return $178mm in share repurchases (up from $136mm in 2025, and growing to ~$800mm in 2027E) and ~ $363mm in dividends this year. PT up to $35."

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