Wells Fargo lowered the firm’s price target on Sirius XM to $3 from $4.50 and keeps an Underweight rating on the shares. The firm also added the stock to its “Tactical Ideas List.” Wells thinks it’s a challenging year for growth, and the multiple will derate towards Media & Cable peers at about 7-times EV/EBITDA. This implies about $3/share, which is Wells’ new price target.
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- Guggenheim starts Sirius XM at Neutral with $4 price target
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