Sirius XM price target lowered to $29 from $30 at Guggenheim

Guggenheim lowered the firm’s price target on Sirius XM (SIRI) to $29 from $30 and keeps a Buy rating on the shares after having updated the firm’s model to reflect a number of subscriber headwinds, including pivoting away from marketing the streaming-only subscription product rolled out at the end of 2023 and the implementation of the FTC’s click to cancel rule this May. The firm now forecasts self-pay net adds declining 220,000 this year, compared to about 50,000 previously.