Sirius XM price target lowered to $30 from $40 at Barrington

Barrington analyst James Goss lowered the firm’s price target on Sirius XM (SIRI) to $30 from $40 and keeps an Outperform rating on the shares. While the company reaffirmed its 2024 guidance, it provided 2025 expectations below prior forecasts, the analyst tells investors in a research note. The firm says the continued roll off of satellite and reductions to other capex is expected to support free cash flow improving to $1.5B in 2027. Barrington views Sirius XM’s efforts at cost reduction as encouraging, but says subscriber trends “remain a headwind.”