Sirius XM downgraded to Sell from Neutral at Citi

Citi downgraded Sirius XM (SIRI) to Sell from Neutral with a $2.80 price target. The analyst believes the recent appreciation in Sirius XM shares may be a result of a short squeeze. In addition, the firm believes shares of Liberty SiriusXM (LSXMA) may be more indicative of the value of the pro forma SiriusXM entity. Given the “valuation dislocation,” Citi is downgrading shares of Sirius XM to Sell and maintains a Neutral rating on Liberty SiriusXM.