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Sirius XM price target raised to $22 from $21 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Sirius XM (SIRI) to $22 from $21 and keeps an Underweight rating on the shares. A stable ad and auto outlook reduces near-term cyclical risk, but the firm sees more compelling risk/reward elsewhere in Telco & Cable, the analyst tells investors in a research note. The path to de-lever remains largely unchanged and secular pressures persist, Morgan Stanley adds.

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