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SIRIUS XM HOLDINGS INC

Sirius XM Holdings

Sirius XM operates almost exclusively in the US through its SiriusXM and Pandora audio services. SiriusXM is primarily a satellite radio service that offers nationwide coverage and mostly ad-free listening, with proprietary channels and exclusive content. It makes agreements with automakers to install its radios in vehicles and give trial services to vehicle buyers, which have traditionally fed its subscriber base. The company provides the service through a handful of geostationary satellites that it owns and operates; it now offers a streaming SiriusXM option as well. Pandora, which makes up a much smaller portion of revenue and profit, offers a subscription and ad-supported streaming music service that competes with industry giants like Spotify, Apple Music, and YouTube Music.

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SONY

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Spotify sube tras un informe de Goldman Sachs que prevé el crecimiento del streaming musical y nuevas oportunidades de monetización.

Spotify sube tras informe de Goldman Sachs que prevé gran expansión del mercado musical global

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Insiders venden acciones en Crocs, Netflix, Brown &amp; Brown, y Sirius XM tras la subida del Nasdaq 100. ¿Señal de alerta?

Netflix, Crocs y otras 2 acciones que los insiders están vendiendo

Sirius XM Holdings Inc

SIRIOS RESOURCES CORP by Sirios Resources Inc.

Sirios Resources Inc

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Sirius Real Estate Ltd

SiriusPoint Ltd

SiriusPoint Ltd. 8.00% Resettable Fixed Rate Preference Shares, Series B, $25.00 liquidation preference per share

Billionaire investor&nbsp;Warren Buffett&nbsp;has shifted his investment strategy, investing $459 million in Sirius XM (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIRI#NASDAQ">SIRI</a>) after selling his stakes in&nbsp;Bank of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), JPMorgan Chase (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), and Wells Fargo (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>).
What Happened: Buffett&#8217;s investment firm,&nbsp;Berkshire Hathaway, acquired approximately&nbsp;20 million shares of Sirius&nbsp;XM between Q3 2024 and Q1 2025. 
This investment, calculated based on an average share price of $22.95, boosts Berkshire&#8217;s total holdings in Sirius to nearly 120 million shares, valued at approximately $2.9 billion.
According to Hathaway's latest Form 13F <a href="https://www.sec.gov/edgar/browse/?CIK=0001067983">filings</a>, the purchase represents an effort to capitalize on a dip in Sirius XM&#8217;s stock, which has plummeted&nbsp;about 45% from its 52-week&nbsp;high of $41.60 to $24.29. 
Despite recent financial challenges, including a 4% revenue drop in Q1 2025 and ongoing subscriber losses in Q2, Sirius XM&#8217;s&nbsp;strong brand and recurring revenue&nbsp;model likely offer long-term value to Buffett.
Also Read: <a href="https://www.benzinga.com/markets/25/05/45602557/warren-buffett-advocates-for-stocks-over-real-estate-as-long-term-investments-theres-so-much-more-opportunity-in-stock-market-than-in-real-estate">Buffett Advocates For Stocks Over Real Estate As Long-Term Investments: &#8216;There&#8217;s So Much More Opportunity In Stock Market Than In Real Estate&#8217;</a>
This strategic move follows Buffett&#8217;s consistent offloading of shares from&nbsp;Bank of America, JPMorgan Chase, and Wells Fargo, thereby freeing up a significant cash reserve for new investments.
Why It Matters: The shift in Buffett&#8217;s investment strategy underscores his confidence in Sirius XM&#8217;s long-term potential, despite its recent financial setbacks. 
The investment in Sirius XM, a company known for its&nbsp;strong brand and recurring revenue&nbsp;model, aligns with Buffett&#8217;s investment philosophy of buying stocks with solid fundamentals at a discount.
Moreover, the offloading of shares from&nbsp;Bank of America, JPMorgan Chase, and Wells Fargo, suggests a potential shift in Buffett&#8217;s view on the banking sector. 
This move could signal a broader trend among investors, who may also be reassessing their positions in these banks.
Read Next
<a href="https://www.benzinga.com/news/25/05/45185944/warren-buffett-shares-surprising-advice-for-young-investors-and-its-not-about-stocks-who-you-associate-with-is-just-enormously-important">Warren Buffett Shares Surprising Advice for Young Investors—And It&#8217;s Not About Stocks: &#8216;Who You Associate With Is Just Enormously Important&#8217;</a>
Image: Shutterstock

Tech

Warren Buffett Skips Big Banks Like JPMorgan and Wells Fargo, Bets $459 Million On This One Asset

Wells Fargo analyst Steven Cahall maintains Sirius XM Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIRI#NASDAQ">SIRI</a>) with a Underweight and raises the price target from $16 to $19.

News

Price Target

Analyst Ratings

Wells Fargo Maintains Underweight on Sirius XM Holdings, Raises Price Target to $19

Guggenheim analyst Curry Baker reiterates Sirius XM Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIRI#NASDAQ">SIRI</a>) with a Buy and maintains $29 price target.

Reiteration

Guggenheim Reiterates Buy on Sirius XM Holdings, Maintains $29 Price Target

Spotify Technology S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>) shares opened at a record $675 on Tuesday in New York, lifted by a bullish industry forecast from Goldman Sachs that sees the global music market nearly doubling in size <a href="https://www.benzinga.com/analyst-ratings/analyst-color">over the next decade. </a>
In its annual Music in the Air report, published Tuesday and led by analyst Lisa Yang, Goldman revised its compound annual growth rate (CAGR) forecast for the music industry to 6.8% for 2025-2030, down from 7.5% previously. The report also introduced a 2031-2035 forecast of 4.8% CAGR. 
Still, that implies the global music market will expand from $105 billion in 2024 to nearly $197 billion in 2035.
<h3 class="wp-block-heading">Emerging Markets Will Drive Next Leg Of Music Streaming Growth</h3>
Goldman forecasts global paid subscribers will climb from 752 million in 2024 to 1.51 billion by 2035, with 75% of that growth coming from emerging markets—up from 57% today.
Spotify, which captured a 35% share of the global paid music streaming market in 2024 with 263 million subscribers, remains the dominant player along with Alphabet Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) YouTube and Tencent Music Entertainment Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TME#NYSE">TME</a>), particularly due to their bundling strategies and localized offerings in growth markets.
Goldman said Spotify gained 30 basis points in market share last year, following a 70 basis point increase in 2023.
<h3 class="wp-block-heading">Monetizing The Fan Experience: Super-Premium Tiers And Concerts</h3>
Goldman highlighted new monetization strategies including price increases, superfan-targeted products, and the growing integration of live events and digital platforms. 
One key innovation: concert ticketing through streaming platforms.
&#8220;As Generation Y and Z fans engage more with their favorite artists, we also see opportunity for live music ticketing to benefit from increased integration with streaming services,&#8221; the report said.
Spotify's upcoming Super Premium tier is expected to include exclusive concert ticket pre-sale access, mimicking models like Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>)&#8217;s pre-sale partnership with Beyoncé.
Goldman said these deals could generate over $100 million globally at scale, as streaming platforms leverage listener data to offer high-value fan access while ticketing companies gain new monetization pathways.
<h3 class="wp-block-heading">Product Innovation And Pricing Power Are Key</h3>
Spotify has recently implemented strategic price hikes to support its evolving product model.
In May and July 2024, the company raised prices across several major markets, including the U.S., UK, and Australia. Yet, the increases primarily reflected added audiobook content rather than improved music margins.
Looking ahead, the Financial Times reported in April 2025 that Spotify will raise music-only plan prices by €1 across Europe and Latin America in early June. This would mark nearly two years since its last hike targeting the core music plan.
Goldman said that execution, scale and pricing power will determine future winners in a slower-growth music landscape. 
Among digital streaming platforms, Goldman reiterated Buy ratings on Spotify Technology S.A., Alphabet Inc., Tencent Music Entertainment Group, NetEase Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTES#NASDAQ">NTES</a>), Sony Group Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NYSE">SONY</a>), Live Nation Entertainment Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LYV#NYSE">LYV</a>), SM Entertainment Co. Ltd. and JYP Entertainment Corp.
The firm remains Neutral on Warner Music Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WMG#NASDAQ">WMG</a>), Hybe Co. Ltd. and Sirius XM Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIRI#NASDAQ">SIRI</a>).
Read now: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/earnings/25/06/45746307/dollar-general-boosts-annual-outlook-despite-ongoing-tariff-uncertainty">Dollar General Boosts Annual Outlook Despite Ongoing Tariff Uncertainty</a></li>
</ul>
Photo: Shutterstock

Spotify Stock Smashes Records: Goldman Sees $200 Billion Music Streaming Market By 2035

As legendary investor Warren Buffett prepares to step down as CEO of Berkshire Hathaway Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) by <a href="https://www.benzinga.com/25/05/45184410/warren-buffett-to-step-down-as-berkshire-hathaway-ceo-by-end-of-year-asks-board-to-confirm-greg-abel-as-successor">the end of 2025</a>, a 13F filing released on Thursday reveals how his team reshaped the firm's portfolio in the first quarter.
What Happened: The 13F <a href="https://www.sec.gov/Archives/edgar/data/1067983/000095012325005701/0000950123-25-005701-index.html">filing </a>from Berkshire Hathaway Inc., showing the firm&#8217;s holdings as of March 31, reveals several stocks positioned exited completely, with no new stock purchases in the quarter.
Buffett and team exited positions in financial companies Citigroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) and Nu Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NU#NYSE">NU</a>) completely in the quarter.
The exit of Nu Holdings stock in the quarter could be a significant storyline as the investment gave Buffett exposure to digital banks in Latin America and also gave the famous Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) skeptic <a href="https://www.benzinga.com/markets/cryptocurrency/22/05/27208096/warren-buffett-now-owns-bitcoin-heres-how-the-oracle-of-omaha-got-exposure-3" target="_blank" rel="noopener">exposure to Bitcoin.</a> Nu holds the leading cryptocurrency on its balance sheet and has several crypto platforms for investors.
Here are the top decreased <a href="https://13f.info/manager/0001067983-berkshire-hathaway-inc">stakes </a>by Berkshire Hathaway in the first quarter by percentage:
<ul class="wp-block-list">
<li>Citigroup: -100%</li>
<li>Nu Holdings: -100%</li>
<li>Formula One (NASDA:FWONK): -48%</li>
<li>T-Mobile US (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>): -11%</li>
<li>Bank of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>): -7%</li>
<li>Capital One Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>): -4%</li>
<li>DaVita Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVA#NYSE">DVA</a>): -3%</li>
<li>Charter Communications (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NASDAQ">CHTR</a>): declined by less than 1%</li>
</ul>
Read Also:<a href="https://www.benzinga.com/general/education/25/05/45208955/warren-buffetts-giant-berkshire-portfolio-top-10-includes-banks-oil-and-apple"> Warren Buffett&#8217;s Giant Berkshire Portfolio: Top 10 Includes Banks, Oil, And Apple</a>
Top Additions: While Berkshire Hathaway did not make new stock purchases in the quarter, the conglomerate added to several existing positions,<a href="https://www.benzinga.com/markets/equities/24/11/41993666/warren-buffetts-berkshire-hathaway-slashes-apple-bofa-holdings-adds-dominos-pizza-in-q3"> including recent holdings</a> like Pool Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/POOL#NASDAQ">POOL</a>) and Constellation Brands (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>).
Here are the top additions in the first quarter by percentage:
<ul class="wp-block-list">
<li>Pool Corporation: +145%</li>
<li>Constellation Brands: +114%</li>
<li>Heico Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HEI#NYSE">HEI</a>): +11%</li>
<li>Domino's Pizza (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DPZ#NASDAQ">DPZ</a>): +10%</li>
<li>Sirius XM Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIRI#NASDAQ">SIRI</a>): +2%</li>
<li>Occidental Petroleum (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>): increased by less than 1%</li>
<li>VeriSign Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRSN#NASDAQ">VRSN</a>): increase by less than 1%</li>
</ul>
Berkshire's top five holdings remain the same in Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), American Express (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>), Coca-Cola Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>), Bank of America and Chevron (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>). Of the five, only Bank of America was changed in the quarter with the decrease.
Read Next: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/05/45232692/if-you-invested-1000-in-berkshire-hathaway-stock-when-warren-buffett-did-heres-how-much-youd-have-now">If You Invested $1,000 In Berkshire Hathaway Stock When Warren Buffett Did, Here&#8217;s How Much You&#8217;d Have Now</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Management

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Warren Buffett Ditches Bitcoin-Linked Nu Holdings, Adds To Constellation Brands, Domino's Pizza, Pool Corp Stakes

Barrington Research analyst Patrick Sholl maintains Sirius XM Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIRI#NASDAQ">SIRI</a>) with a Outperform and maintains $28 price target.

Barrington Research Maintains Outperform on Sirius XM Holdings, Maintains $28 Price Target

Rosenblatt analyst Barton Crockett maintains Sirius XM Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIRI#NASDAQ">SIRI</a>) with a Neutral and lowers the price target from $24 to $22.

Rosenblatt Maintains Neutral on Sirius XM Holdings, Lowers Price Target to $22

WIIM

SiriusXM Holdings shares are trading lower after the company reported worse-than-expected Q1 financial results. Also, the company announced a loss of self-pay subscribers.

Sirius XM Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIRI#NASDAQ">SIRI</a>) reported <a href="https://www.benzinga.com/topic/siri" target="_blank" rel="noreferrer noopener">fiscal first-quarter</a> 2025 results on Thursday. The company noted that subscriber revenue was $1.6 billion for the quarter — down from $1.68 billion a year ago.
The New York-based company reported a quarterly revenue decline of 4% year-on-year to $2.07 billion, missing the analyst consensus estimate <a href="https://investor.siriusxm.com/" target="_blank" rel="noreferrer noopener">of $2.13 billion</a>.
Here&#8217;s a closer look:
Also Read: <a href="https://www.benzinga.com/25/03/44541934/sirius-xm-bets-on-ev-growth-cheaper-plans-to-boost-subscribers-analyst" target="_blank" rel="noreferrer noopener">SiriusXM Bearish Analyst Highlights Key Near Term Challenges</a>
<ul>
<li>GAAP EPS of $0.59 missed the <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">analyst consensus estimate of 81 cents</a>.</li>
<li>Advertising revenue was $394 million, down from $402 million a year ago.</li>
<li>For the year, SiriusXM self-pay subscribers decreased by 303,000 to 31.34 million total subscribers versus 31.58 million Y/Y.</li>
<li>The self-pay monthly churn declined Y/Y to 1.6% for the quarter.</li>
<li>SiriusXM segment revenue declined 5% year over year to $1.6 billion during the quarter, driven by a lower average base of self-pay subscribers and a decrease in average revenue per user (ARPU).</li>
<li>ARPU decreased to $14.86 from $15.36 Y/Y. SiriusXM segment gross margin declined 100 bps to 59% Y/Y.</li>
<li>Pandora segment advertising revenue declined 2% Y/Y to $355 million for the quarter.</li>
<li>Pandora&#8217;s Monthly Active Users (MAUs) were 42.36 million, down from 45.02 million a year ago. The total number of ad-supported listener hours was 2.35 billion in the quarter, down from 2.49 billion Y/Y.</li>
<li>The Pandora segment gross margin remained firm Y/Y at 29% for the quarter, while the gross profit declined by 3% Y/Y.</li>
<li>The adjusted EBITDA declined 3% Y/Y at $629 million.</li>
<li>Net income of $204 million, down by 15% Y/Y.</li>
<li>$56 million in free cash flow in the quarter, compared to $88 a year ago. </li>
<li>As of March 31, 2025, it held $127 million in cash and equivalents.</li>
</ul>
SiriusXM CFO Tom Barry does not expect tariff-related pressure on new car sales negatively impacting the company&#8217;s 2025 subscriber or financial performance.
FY25 Outlook:&nbsp;Sirius XM reiterated revenue of $8.50 billion versus the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">consensus of $8.53 billion</a>. It also reaffirmed an adjusted EBITDA of $2.60 billion and a <a target="_blank" href="https://www.benzinga.com/news/earnings/25/01/43345721/sirius-xm-q4-earnings-beats-estimates-ceo-highlights-focus-on-in-car-subscriptions-ad-supported-growth" rel="noreferrer noopener">free cash flow</a> of $1.15 billion.
Price Action:&nbsp;SIRI stock is up 0.42% at $21.51 premarket at the last check on Thursday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/04/45117360/spotify-stock-gets-boost-as-analyst-cites-growth-in-music-podcasts-and-audiobooks" target="_blank" rel="noreferrer noopener">Spotify Stock Gets Boost As Analyst Cites Growth In Music, Podcasts, And Audiobooks</a></li>
</ul>
Image: Shutterstock

Earnings

Guidance

SiriusXM Loses Subscribers, But CFO Does Not Expect Tariff Pressure

The company reiterated its full-year 2025 guidance for revenue, adjusted EBITDA, and free cash flow as follows: • Total revenue of approximately $8.5 billion, • Adjusted EBITDA of approximately $2.6 billion, and • Free cash flow of approximately $1.15 billion.

Sirius XM Holdings Affirms FY2025 Sales Guidance of $8.50B vs $8.53B Est

SiriusXM First Quarter 2025 Segment Highlights SiriusXM Total Subscribers of 33 Million SiriusXM self-pay subscribers decreased by approximately 303,000 in the first quarter of 2025, a 16% improvement compared to the same period last year. Self-pay monthly churn was 1.6% in the first quarter of 2025 compared to 1.7% in the first quarter of 2024, benefiting from lower vehicle-related, non-pay, and voluntary churn, and was a key contributor to the improved subscriber results. The company ended the quarter with approximately 33 million total subscribers. The total trial funnel remained stable at 7.4 million as of quarter-end, up from 7.3 million year-end 2024 and down slightly from 7.5 million in the first quarter of 2024

SiriusXM Q1 Self-Pay Subscribers -303K; Self-Pay Monthly Churn 1.6%, SiriusXM Total Subscribers of 33 Million

Sirius XM Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIRI#NASDAQ">SIRI</a>) reported quarterly earnings of $0.59 per share which missed the analyst consensus estimate of $0.81 by 27.16 percent. This is a 6.35 percent decrease over earnings of $0.63 per share from the same period last year. The company reported quarterly sales of $2.07 billion which missed the analyst consensus estimate of $2.13 billion by 2.77 percent. This is a 4.35 percent decrease over sales of $2.16 billion the same period last year.

Earnings Misses

Sirius XM Q1 EPS $0.59 Misses $0.81 Estimate, Sales $2.07B Miss $2.13B Estimate

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Earnings Scheduled For May 1, 2025

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Shares of companies within the broader communication services sector are trading lower as stocks pull back after surging Wednesday following President Trump's tariff pause announcement.

Sirius XM shares are trading higher after Seaport Global upgraded the stock from Neutral to Buy and announced a $27 price target.

Sirius XM Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIRI#NASDAQ">SIRI</a>) has a stable business model that is based on recurring subscription revenues, which makes it a "recession-resistant port in the tariff storm," according to Seaport Research Partners
The Sirius XM Holdings Analyst: <a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58f614b60bd9910001a77adf/david-joyce">Analyst David Joyce</a> upgraded the rating from Neutral to Buy, while keeping the price target unchanged at $27.
The Sirius XM Holdings Thesis: The company's business model makes subscribers "sticky" and its recurring subscription revenues are 100% US, Joyce said in the upgrade note.
Check out <a href="https://www.benzinga.com/analyst-stock-ratings">other analyst stock ratings</a>.
Sirius XM Holdings is likely to generate around 13% growth in free cash flows this year and the next, he added.
"We believe any tariff impacts on car sales would have a de minimis impact on 2025 operations (as it would generally take at least a quarter for a gross addition to turn into revenue post-conversion)," the analyst wrote.
The company faces a soft ad environment, with ad budgets continuing to shift to digital video. However, only around 20% of its revenue has exposed to advertising, Joyce stated.
Given its healthy free cash flow growth, Sirius XM Holdings is likely to continue offering a "telco-like 5% dividend yield," he added.
SIRI Price Action: Shares of Sirius XM Holdings had risen by 3.62% to $20.04 at the time of publication on Wednesday.
Read More: 
<ul>
<li><a href="https://www.benzinga.com/25/03/44541934/sirius-xm-bets-on-ev-growth-cheaper-plans-to-boost-subscribers-analyst">SiriusXM Bearish Analyst Highlights Key Near-Term Challenges</a></li>
</ul>
Image: Shutterstock

Long Ideas

Upgrades

Movers

Sirius XM Is 'Recession-Resistant Port In Tariff Storm': Analyst

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades, downgrades and initiations, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li>Seaport Global analyst David Joyce upgraded the rating for Sirius XM Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIRI#NASDAQ">SIRI</a>) from Neutral to Buy and announced a $27 price target. Sirius XM shares closed at $19.34 on Tuesday. <a href="https://www.benzinga.com/quote/siri/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Goldman Sachs analyst Asad Haider upgraded Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) from Neutral to Buy and raised the price target from $157 to $172. Johnson &amp; Johnson shares closed at $150.00 on Tuesday. <a href="https://www.benzinga.com/quote/jnj/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Piper Sandler analyst Korinne Wolfmeyer upgraded the rating for Bath &amp; Body Works, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBWI#NYSE">BBWI</a>) from Neutral to Overweight but lowered the price target from $38 to $35. Bath &amp; Body Works shares closed at $25.51 on Tuesday. <a href="https://www.benzinga.com/quote/bbwi/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Jefferies analyst Edison Lee upgraded Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) from Underperform to Hold but lowered the price target from $202.33 to $167.88. Apple shares closed at $172.42 on Tuesday. <a href="https://www.benzinga.com/quote/aapl/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Jefferies analyst Andy Barish upgraded the rating for Starbucks Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>) from Underperform to Hold and maintained the price target of $76. Starbucks shares closed at $79.69 on Tuesday.  <a href="https://www.benzinga.com/quote/sbux/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>
Considering buying AAPL stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="601" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/09080916/image-50-1024x601.png" alt="" class="wp-image-863674" style="width:596px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/09080916/image-50-1024x601.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/09080916/image-50-300x176.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/09080916/image-50-768x450.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/09080916/image-50.png 1110w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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BBWI

SBUX

This Apple Analyst Is No Longer Bearish; Here Are Top 5 Upgrades For Wednesday

Seaport Global analyst David Joyce upgrades Sirius XM Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIRI#NASDAQ">SIRI</a>) from Neutral to Buy and announces $27 price target.

Seaport Global Upgrades Sirius XM Holdings to Buy, Announces $27 Price Target

On Friday, BofA analyst Jessica Reif Ehrlich reiterated an Underperform on Sirius XM Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIRI#NASDAQ">SIRI</a>) with a <a target="_blank" href="https://www.benzinga.com/quote/SIRI/analyst-ratings" rel="noreferrer noopener">price target of $21</a>.
Sirius XM is focused on overcoming several near-term challenges, some within and some outside of its control, as well as a period of elevated capex and leverage, with the aim of generating $1.5 billion in free cash flow for 2027.
Subscriber churn has stayed historically low in recent years, and Sirius XM has been focused on new pricing and packaging offers to improve value further.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/earnings/25/01/43345721/sirius-xm-q4-earnings-beats-estimates-ceo-highlights-focus-on-in-car-subscriptions-ad-supported-growth" rel="noreferrer noopener">Sirius XM Q4 Earnings Beats Estimates, CEO Highlights Focus On In-Car Subscriptions, Ad-Supported Growth</a>
Meanwhile, one-time headwinds will pressure subscribers in 2025. Notably, auto tariffs may not have a significant impact as Sirius XM&#8217;s trial funnel now includes ~50% used cars and is seeing expanded penetration of EVs.
While still early, Reif Ehrlich noted the recently introduced price increase has been well received and is not driving elevated churn above the normal course.
Reif Ehrlich noted that general economic uncertainty and concerns around the consumer have impacted advertising sales (with CPG, retail, and travel softening).
Specifically, January advertising sales appeared stable, with softness emerging in late February and March, although programmatic has seen typical end-of-quarter strengthening.
Sirius XM&#8217;s podcasting portfolio will help reduce the impact of possible broader advertising weakness. Sirius XM is making considerable effort to re-ignite subgrowth, including utilizing new pricing/packaging as a retention tool.
Additionally, Sirius XM is introducing a post-trial extension tied to recently launched new price points, which improves onboarding and pricing transparency. Later this year, Sirius XM will introduce a lower-priced subscription package containing advertising.
The current 40-channel free access offering being trialed with some OEMs will likely continue as it provides an opportunity to upsell and offers some advertising upside. Each of these efforts is also being utilized to reduce promotional discounting.
For the first quarter, Reif Ehrlich maintained her revenue and EBITDA estimates of $2.05 billion and $606 million, respectively. The analyst increased the first-quarter capex to $205 million (versus $174 million). As a result, the new first-quarter free cash flow estimate is $100 million, although her full-year 2025 free cash flow of $1.149 billion remains in line with company guidance of ~$1.15 billion.
Financially, for 2025, Reif Ehrlich now forecasts revenue of ~$8.5 billion (versus $8.523 billion previously). The new EBITDA forecast is $2.608 billion (versus $2.627 billion) due mainly to the reduction in Pandora advertising.
Price Action: SIRI stock is down 5.42% at $22.53 at the last check on Friday.
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Equities

SiriusXM Bearish Analyst Highlights Key Near Term Challenges

JPMorgan analyst Sebastiano Petti reiterated the Underweight rating on SiriusXM Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIRI#NASDAQ">SIRI</a>) on Tuesday, <a href="https://www.benzinga.com/quote/SIRI/analyst-ratings" target="_blank" rel="noreferrer noopener">with a price forecast of $20.</a>
The analyst suggests that SiriusXM&#8217;s shares are underperforming due to growth challenges driven by demographic changes, a shift toward lower-priced plans and a revamped pricing strategy. These are expected to lead to near-term ARPU &#8220;dilution&#8221; and margin compression.
Petti has revised Pandora&#8217;s ad-supported revenue downward by 2.5%, now expecting it to reach $351 million. This adjustment follows a warning from CFO Thomas D. Barry in early March about weaker retail and consumer packaged goods advertising spend, driven by economic uncertainty and reduced business confidence.
As a result, the analyst has reduced the revenue forecast for the Pandora segment by 3%.
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Despite cost-cutting efforts, the company&#8217;s elevated capital expenditures in the near-to-medium term, combined with increased leverage from its, Liberty Sirius acquisition, will likely delay share repurchases until 2027, further weighing on the stock, according to Petti.
The analyst has revised its estimates for SiriusXM following recent management conference appearances.
Petti writes that first-quarter revenue is adjusted to $2.05 billion, reflecting a 0.6% decline due to lower advertising revenue, particularly in retail and consumer packaged goods, amid macroeconomic uncertainty, though subscriber revenue remains unchanged.
However, the first quarter EBITDA is raised to $580 million, benefiting from improved margins through SG&amp;A cost-cutting and reduced streaming marketing expenses.
The analyst also updated the first quarter free cash flow to $123 million, driven by higher EBITDA, with capital expenditures largely unchanged. For the full year, consolidated revenue is trimmed to $8.50 billion with an EBITDA estimate of $2.60 billion, aligning with the company&#8217;s guidance of $8.5 billion and $2.6 billion, respectively.
The analyst emphasizes the need to monitor advertising trends and ARPU developments, especially as SiriusXM introduces its new $9.99 modular pricing.
Free cash flow for 2025 remains unchanged at $1.15 billion, in line with prior guidance, the analyst notes.
Price Action: SIRI shares are trading higher by 0.94% to $24.18 at last check Tuesday.
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General

SiriusXM Faces Headwinds From Pricing Shift, Ad Weakness, Says JPMorgan

Entertainment

Press Releases

SiriusXM Reports Fourth Quarter and Full-Year 2024 Operating and Financial Results

SiriusXM Appoints Richard N. Baer as Executive Vice President, General Counsel and Secretary

SiriusXM to Present at the 33rd Annual Deutsche Bank Media, Internet & Telecom Conference

SiriusXM to Present at the Morgan Stanley Technology, Media & Telecom Conference

SiriusXM Announces Appointment of Anjali Sud to Board of Directors

SiriusXM to Report First Quarter 2025 Operating and Financial Results

Dividends

SiriusXM Declares Quarterly Cash Dividend

SiriusXM Reports First Quarter 2025 Operating and Financial Results

SiriusXM to Present at the J.P. Morgan 53rd Annual Global Technology, Media, and Communications Conference

SiriusXM to Report Second Quarter 2025 Operating and Financial Results

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