Seaport Research Partners downgrades SiriusXM after revenue forecast miss

Sirius XM Holdings

11/12/2024 13:09

** Brokerage Seaport Research Partners downgrades
satellite-radio broadcaster SiriusXM's  SIRI.O  shares to
"neutral" from "buy"
** Company on Tuesday forecast 2025 revenue below estimates and
named former ADT  ADT.N  executive Wayne Thorsen to newly
created role of COO, effective Dec. 16
    ** Brokerage says based on revenue forecast update, cost
shifts to newer product offerings and away from streamer
marketing will still have negative margin effect
    ** Thorsen effectively replaces Chief Product & Technology
Officer Joseph Inzerillo, based on his experience from ADT,
Google, and with SiriusXM as a client - brokerage
    ** Brokerage says they are disappointed by delayed EBITDA
and FCF growth vs expectations
    ** 3 of 14 brokerages rate the stock "buy" or higher, 5
"hold" and 6 "sell" or lower; median PT $28 - LSEG
    ** As of Tuesday's close, stock down ~54% YTD

(Reporting by Neil J Kanatt in Bengaluru)
((Neil.JKanatt@thomsonreuters.com))