Sirius XM price target lowered to $23 from $25 at Wells Fargo

Wells Fargo lowered the firm’s price target on Sirius XM (SIRI) to $23 from $25 and keeps an Underweight rating on the shares. The firm notes Sirius XM/Liberty SiriusXM (LSXMA) have completed the merger, including new free cash flow guidance and a 1:10 reverse stock split.