Sirius XM price target lowered to $3.60 from $4.50 at Citi

Citi analyst Jason Bazinet lowered the firm’s price target on Sirius XM (SIRI) to $3.60 from $4.50 and keeps a Sell rating on the shares. The analyst believes the company’s 2023 adjusted EBITDA outlook remains achievable, but is taking a more conservative approach to the stock’s valuation given a "muted" 2023 growth outlook and overhang of a potential merger with Liberty SiriusXM (LSXMA).