Sirius XM price target lowered to $4 from $5 at Pivotal Research

Pivotal Research lowered the firm’s price target on Sirius XM to $4 from $5 and keeps a Hold rating on the shares. The company reported a" mixed" Q1 with worse than expected self-pay subscriber losses on moderately higher than forecast churn, the analyst tells investors in a research note. The firm believes the setup for shares is much better for 2024 as Sirius XM laps one-off 2023 expenses, sees a payoff from digital investments, and car production begins to normalize.