Wells Fargo analyst Steven Cahall lowered the firm’s price target on Sirius XM (SIRI) to $16 from $22 and keeps an Underweight rating on the shares. Wells thinks Siriux XM subscribers are at risk for worsening trends due to in-car trends, the analyst tells investors in a research note. The auto market has increased challenges both from sales volumes and infotainment competition, and Wells believes subscriber challenges will be enduring vs. annual.
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