Professional golf tours organizer PGA Tour has extended its broadcasting agreement with New York-based audio entertainment company SiriusXM Holdings, Inc. (NASDAQ: SIRI) until 2024.
Following the extension, SiriusXM will continue to provide extensive tournament coverage on its SiriusXM PGA TOUR Radio channel. Subscribers can listen to the broadcast in their cars on SiriusXM radio channel no. 92 or on the SXM App.
The deal will see SiriusXM provide live coverage of each round of the 38 PGA TOUR events, including THE PLAYERS Championship, the FedExCup Playoffs, and the biennial Presidents Cup, among others.
SiriusXM PGA TOUR Radio features ex-TOUR winners Mark Carnevale, Mark McCumber, Dennis Paulson, John Rollins and Mark Wilson as broadcasters working on covering PGA TOUR events.
The President and Chief Content Officer of SiriusXM, Scott Greenstein, said, “With live event broadcasts every week, and a daily original programming lineup that features some of the most entertaining voices in the game, the best golf coverage in audio entertainment, bar none, continues to be on SiriusXM.”
Rick Anderson, PGA TOUR’s Chief Media Officer, said, “Since 2005, SiriusXM has delivered crucial play-by-play and colorful commentary of the best golf in the world to fans that are driving in their cars, at home or on the go.”
SiriusXM provides subscription-based satellite radio services. The company offers music, sports, entertainment, comedy, talk show, news, traffic and weather channels as well as infotainment services. Its brand channels include SiriusXM Traffic, SiriusXM Travel Link, NavTraffic, NavWeather, SiriusXM Aviation and SiriusXM Marine.
SIRI stock lost 1.1% on Tuesday to close at $6.11.
Wall Street’s Take
Last week, J.P. Morgan (NYSE: JPM) analyst Sebastiano Petti slashed the rating on the stock to Sell from Hold and lowered the price target from $7 to $6 (1.8% downside potential).
In a note to investors, Petti said, “We expect (SiriusXM’s) initial 2022 self-pay net add guide to reflect a higher-than-usual level of conservatism given the uncertain new auto sales environment as the auto industry continues to work through chip shortages and other supply chain issues.”
Additionally, Steven Cahall of Wells Fargo (NYSE: WFC) downgraded SiriusXM from Buy to Hold with a $7 price target (14.6% upside potential).
Overall, the stock has a Hold consensus rating based on 3 Buys, 3 Holds and 2 Sells. The average SIRI stock forecast of $7.19 implies 17.7% upside potential. Shares have lost 6.1% over the past six months.
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (NYSE: SEMR), the world’s biggest website usage monitoring service, offers insight into SiriusXM’s performance.
According to the tool, compared to the previous year, SiriusXM’s website traffic registered an 8.8% rise in global visits in December. Moreover, the website traffic has increased 5.6% year-to-date against the same period last year.
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