UPDATE: Sirius XM Radio (SIRI) PT Raised to $8 as Morgan Stanley Sees More Runway Than the Discount Implies
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Morgan Stanley analyst Benjamin Swinburne raised the price target on Sirius XM Radio (NASDAQ: SIRI) to $8.00 (from $7.50) while maintaining a Equalweight rating noting there is more sustainable growth than SIRI's discount to historical multiple implies. This comes after the 2Q results and higher outlook reflect a growth runway possibly extended through streaming-only subs and advertising.
The analyst recommends getting exposure through (NASDAQ: LSXMK) stating "The investor debate on SIRI/LSXMK remains the duration of its growth opportunity, one that in our view has been underestimated in the past. Yes, its business is built on satellite delivery to cars but that perspective can miss the strength of the product offering it has built over the past twenty years. Describing its 360L connected radio platform as "game-changing," SiriusXM should be able to defend its in-car position of strength for years to come despite best efforts by competitors in an increasingly connected car. Its strength this year is seen in record low churn, leading to an increase in expected self-pay net additions to 1.1mm for the year."
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