Sirius estimates cut on ‘challenged’ advertising market at JPMorgan

JPMorgan analyst Sebastiano Petti reduced Q4 and 2023 estimates for Sirius XM citing the "challenged" advertising market, which he expects to persist into 2023. At current levels, Sirius XM shares are fully valued, Petti tells investors in a research note. The analyst keeps an Underweight rating on the name with a $6 price target.