Morgan Stanley Sees Low Long-Term Visibility for Sirius XM Holdings

In a report published Wednesday, Morgan Stanley analyst Benjamin Swinburne reiterated an Equal-Weight rating and $3.50 price target on

. In the report, Morgan Stanley noted, “While we believe SIRI's '14 subscriber guidance is conservative, longer term visibility is low in both used car take rates and the impact of more rapid new vehicle turnover. Trimming long-term sub growth modestly and remaining EW as SIRI's ~19x '14E EBITDA multiple reflects full expectations.” Sirius XM Holdings closed on Tuesday at $3.58.