Sirius XM Holdings shares rallied 6% to $29.16 after Deutsche Bank upgraded the stock to Buy from Hold with a $45 price target, a move that stands apart from the broader audio complex. The upgrade follows a Q2 2026 report in which the company posted its first positive self-pay net additions in four years at 22,000, with revenue of $2.16 billion, adjusted EBITDA of $691 million, and free cash flow of $593 million. Management raised full-year 2026 guidance by $25 million on each of revenue, adjusted EBITDA, and free cash flow, lifting the free cash flow target to $1.375 billion. Sirius XM stock is up 43% year to date, while Spotify is down 6% and iHeartMedia is down 35%, highlighting divergent paths among the three publicly traded audio pure-plays. The $45 target rests on subscriber and advertising trends, with net leverage at 3.4 times adjusted EBITDA and share repurchases flagged as a key use of excess cash.
Sirius XM Holding IncDeutsche Bank upgraded Sirius XM to Buy with a $45 price target, driving the 6% rally.
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Deutsche Bank Aktiengesellschaft