SiriusXM Shares Rise on Deutsche Upgrade

Dow Jones

Sep 02

Sirius XM shares rose after Deutsche Bank analysts upgraded the stock to buy from hold, citing its growing relationships with YouTube and Amazon.

The stock advanced 5% to $29 in premarket trading Wednesday. Through the previous close, shares were up 35% this year.

The subscription-based radio platform has significant growth opportunities as it is set to become YouTube's exclusive U.S. audio advertising representative, Deutsche Bank analyst Bryan Kraft said in a note.

Kraft believes Wall Street is underestimating Sirius XM's potential because he believes the YouTube relationship could drive $2 billion in annual incremental revenue by 2029.

Consensus estimates meanwhile only account for about $250 million in consolidated revenue growth from this year to 2028, Kraft said.

Sirius XM could also benefit from the expansion of its relationship with Amazon's delivery service partner program, which happened in July.

The expansion could bring in more advertising revenue growth as advertisers can now buy Pandora's streaming music inventory and Sirius XM's podcast inventory through Amazon, Kraft said.

"We believe SIRI is mispriced based on a large disconnect between consensus estimates and what we believe the company can achieve in 2027 and 2028," Kraft said.

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Through the previous close, shares were up 35% this year. \n\n\n  The subscription-based radio platform has significant growth opportunities as it is set to become YouTube's exclusive U.S. audio advertising representative, Deutsche Bank analyst Bryan Kraft said in a note. \n\n\n  Kraft believes Wall Street is underestimating Sirius XM's potential because he believes the YouTube relationship could drive $2 billion in annual incremental revenue by 2029. \n\n\n  Consensus estimates meanwhile only account for about $250 million in consolidated revenue growth from this year to 2028, Kraft said. \n\n\n  Sirius XM could also benefit from the expansion of its relationship with Amazon's delivery service partner program, which happened in July. \n\n\n  The expansion could bring in more advertising revenue growth as advertisers can now buy Pandora's streaming music inventory and Sirius XM's podcast inventory through Amazon, Kraft said. \n\n\n  \"We believe SIRI is mispriced based on a large disconnect between consensus estimates and what we believe the company can achieve in 2027 and 2028,\" Kraft said.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":true,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":true,"need_login_tip":false,"code":"91000000","status":"200"}}}