Sirius XM downgraded to Neutral at Rosenblatt amid new questions about growth

As previously reported, Rosenblatt analyst Barton Crockett downgraded Sirius XM (SIRI) to Neutral from Buy with a price target of $4.80, down from $7.40. New and used car sales, which are a key driver of sub growth, are "subpar" and Sirius XM is guiding for a modest decline in subscribers for 2023, noted the analyst. While Sirius XM’s paid sub churn was a "record-low" in Q4, comments from the CEO are consistent with "long-standing bear stances" that consumers generationally will tend to turn away from satellite radio and towards other forms of streaming, the analyst added. Rosenblatt is keeping a Buy rating on shares of controlling shareholder Liberty Sirius XM (LSXMK), which it said trades on Sirius sentiment. However, its price target cut on shares of Sirius XM takes its target on Liberty Sirius XM to $58 from $82.