SiriusXM downgraded by Rosenblatt on worries over car sales
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SiriusXM (NASDAQ:SIRI) was downgraded by investment firm Rosenblatt Securities on Wednesday, citing "subpar" new and used car sales.
Analyst Barton Crockett lowered his rating to neutral from buy, noting that SiriusXM (SIRI) is guiding towards a "modest decline" in subscribers for 2023 as a result of weak new and used car sales, which should lead to flat revenue growth and declining EBITDA and free cash flow.

The company is also being impacted by a one-time payment of nearly $100M for pre-1972 song royalty payments, a 9% CPI inflator for streaming music fees and and an increase in spending for new satellite launches through 2027, Crockett added.
SiriusXM (SIRI) shares were fractionally lower in premarket trading on Wednesday.
Earlier this month, SiriusXM (SIRI) reported mixed fourth-quarter results and provided 2023 revenue guidance below estimates.