Sirius XM (NASDAQ:SIRI) received a vote of confidence Monday after analysts at Morgan Stanley raised their estimates and price target on the satcaster’s stock.
In their note to investors, the analysts at Morgan Stanley reiterated their Equal-Weight rating on Sirius and provided reasons why they believe the company has a solid fundamental outlook going forward. Sirius exceeded expectations for its fiscal third quarter and added more new subscribers than predicted, leading Morgan Stanley to increase its price target from $2.60 to $2.85.
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Other investment firms have also made Sirius the subject of recent research reports, with conclusions on how to handle the stock varying. Analysts at Bank of America and TD Securities have each separately upgraded to Buy ratings on Sirius stock, raising their target prices to $4.00 per share and $5.50 per share, respectively. Zacks analysts, on the other hand, downgraded Sirius stock from Outperform to a Neutral rating on Friday, and adjusted their per-share price target down to $2.75.
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