Sirius XM upgraded to In Line from Underperform at Evercore ISI

Evercore ISI analyst Vijay Jayant upgraded Sirius XM to In Line from Underperform with a price target of $3.25, down from $4.25. The shares are down 60% since July 21 as the relative value spread trade with Liberty SiriusXM (LSXMA) has closed, the analyst tells investors in a research note. The firm believes Sirius XM shares could remain volatile into the close of the combination. However, the company can stabilize its in-car subscriber base in 2025 with a recovery in used vehicle sales, the scaling of 360L, and potential new distribution deals with standalone electric vehicle manufactures, contends Evercore ISI.