Wells Fargo downgraded Sirius XM (SIRI) to Underweight from Equal Weight with a price target of $4.50, down from $5. The firm’s new Sirius XM estimates are below consensus and the stock’s valuation may have had a boost from non-fundamental Liberty SiriusXM (LSXMA) deal mechanics, the analyst tells investors in a research note. Wells believes the stock’s post-deal fair value is $4.50 per share, prompting the downgrade to Underweight.
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