Market Overview

UPDATE: Wunderlich Downgrades Sirius XM Holdings as Liberty Media Deal Becomes Less Likely


In a report published Wednesday, Wunderlich Securities analyst Matthew Harrigan downgraded the rating on Sirius XM Holdings (NASDAQ: SIRI) from Buy to Hold, and lowered the price target from $4.20 to $3.80.

In the report, Wunderlich Securities noted, “We are lowering both our rating on Sirius XM Radio (SIRI) to Hold from Buy and our target to $3.80 from $4.20. We now apply just a standalone value for SIRI as we are skeptical that there will be a material sweetening of the 0.076 exchange ratio (after a 2:1 C stock dividend) on the Liberty Media (LMCA-$129.86, Buy) bid. Our standalone target had been $4.00 vs. $4.30 with a deal, but we are now allowing for a slightly lower 1900 S&P 500 assumption on our market-linked valuation, along with a $120 SPX earnings assumption that bumps up the cost of equity and constricts the ‘as is' target to $3.80. We also came away from the January CES show with a conviction that tech companies and OEMs are now regarding the car as the world's largest mobile device with a vast array of new apps in queue.”

Sirius XM Holdings closed on Tuesday at $3.52.

Latest Ratings for SIRI

Jun 2019UpgradesNeutralOutperform
Apr 2019UpgradesHoldBuy
Mar 2019ReinstatesEqual-Weight

View More Analyst Ratings for SIRI
View the Latest Analyst Ratings

Posted-In: Matthew Harrigan Wunderlich SecuritiesAnalyst Color Downgrades Analyst Ratings


Related Articles (SIRI)

View Comments and Join the Discussion!

Latest Ratings

HDDZ BankDowngrades
COGWolfe ResearchUpgrades
MLHRSidoti & Co.Maintains45.0
ICFISidoti & Co.Maintains99.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at

UPDATE: Brean Capital Raises PT on Rentrak on Potential for Further Upside

iWatch Price & Rumors: Analyst Says New Apple Smartwatch May Be $299