BofA resumed coverage of Sirius XM (SIRI) with an Underperform rating and $23 price target The firm believes subscriber growth will remain muted moving forward; that ARPU will be pressured on a mix shift towards streaming; that elevated satellite and non-satellite capex as well as higher interest will weigh on free cash flow for the rest of 2024 and 2025; and that higher leverage will constrain buybacks until 2026-27.
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