Benchmark analyst Matthew Harrigan lowered the firm’s price target on Sirius XM (SIRI) to $6.50 from $7 and keeps a Buy rating on the shares, citing “market dislocations” from the anticipated Q3 closure of its merger with Liberty SiriusXM (LSXMA), as well as “the influx character of SiriusXM’s gaggle of strategic initiatives.” Top shareholder Berkshire Hathaway (BRK.A) has now modestly increased its total Liberty tracking stock ownership to 88.1M shares across both the A voting and C non-voting classes by 2.6M newly purchased shares, representing 27% ownership of current LSXM basic shares, the analyst noted.
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Read More on SIRI:
- Liberty SiriusXM downgraded to Neutral from Buy at Seaport Research
- Oracle upgraded, Under Armour downgraded: Wall Street’s top analyst calls
- Guggenheim starts Sirius XM at Neutral with $4 price target
- Sirius XM initiated with a Neutral at Guggenheim
- Sirius XM management to meet virtually with Seaport Research
