Sirius XM sees upgrade at Deutsche Bank on promising H2
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Deutsche Bank upgraded Sirius XM (NASDAQ:SIRI) to Hold following the company's Q2 results and a decline in share price since the firm downgraded the audio entertainment provider in July.
The firm also lowered its price target on SIRI to $6 from $6.25.
Deutsche Bank's analysts said 2023 continues to be a challenging year for Sirius, however, H2 promises to be better than H1, steered by improved new auto sales/trial starts in recent quarters, relaunch of the company's streaming product, recent price increases, and easier advertising comps.
However, there is still macroeconomic uncertainty which may weigh on the near term outlook for new and used car sales, and advertising.
The analysts noted that they will be looking for traction in subscriber growth from the streaming product relaunch, improving auto sales and a stronger ad market before thinking of moving to a Buy rating.
On Tuesday, the company reported Q2 results, which surpassed analysts' estimates, and reiterated its FY revenue guidance of about $9B.

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