As previously reported, Guggenheim analyst Curry Baker initiated coverage of Sirius XM with a Neutral rating and $4 price target. SiriusXM operates an industry-leading audio platform and the firm expects the company to continue to deliver consistent free cash flow generation while returning excess free cash flow to shareholders. The pending Liberty transaction, which the company expects to close in early Q3, should simplify the ownership structure and provide additional strategic flexibility, the analyst added.
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