Sirius XM price target lowered to $37 from $40 at Pivotal Research

Pivotal Research lowered the firm’s price target on Sirius XM (SIRI) to $37 from $40 and keeps a Buy rating on the shares. The company reported mixed Q3 results, highlighted by a better than expected self-pay subscriber gain and modestly higher than forecast revenue declines on lower than forecast advertising, the analyst tells investors in a research note. The firm believes Sirius XM’s free cash flow story remains intact.