Sirius XM upgraded to Neutral from Sell at Goldman Sachs

Goldman Sachs upgraded Sirius XM to Neutral from Sell with a price target of $3.25, down from $3.50. The analyst cites valuation for the upgrade with the shares down 46% year-to-date. The firm continues to hold many of the same fundamental concerns that it had when putting a Sell rating on the shares, mainly increasing competition for premium audio services resulting in slower subscriber and revenue per user growth, but believes this view has become more widely held by the market. Sirius XM’s valuation has recently reset to a level that reflects more balanced risk/reward, the analyst tells investors in a research note.