Sirius XM price target adjusted o $21 from $2.80 at Citi

Citi adjusted the firm’s price target on Sirius XM to $21 from $2.80 and keeps a Sell rating on the shares following the 1:10 reverse stock split. Since the Liberty transaction closed on September 9, SiriusXM’s equity has fallen 10%. The firm estimates most of the decline is driven by the Liberty transaction, but says elevated capex also likely played a role. It suspects the BMI litigation and ad commentary are far smaller contributors to the recent weakness