Sirius XM price target lowered to $21 from $23 at Morgan Stanley

Morgan Stanley analyst Cameron Mansson-Perrone lowered the firm’s price target on Sirius XM (SIRI) to $21 from $23 and keeps an Underweight rating on the shares. Sirius’ FY25 guidance points to another year of declining revenue and EBITDA, notes the analyst, who lowered the firm’s estimates after incorporating the guidance and strategic update provided last month. SiriusXM announcing that it will sharpen its focus on the core in-car business and reduce investment in streaming creates near-term cost efficiencies, but may limit long-term growth, the analyst added.