Downgrading Sirius XM Stock Could Be a Mistake
Some analyst downgrades matter more than others. Morgan Stanley's Benjamin Swinburne is downgrading shares of SiriusXM Radio (NASDAQ: SIRI) this week. He's lowering his rating on the satellite-radio provider from a neutral equal weight to a bearish underweight. His $7 price target implies just 8% of upside from current levels.
Swinburne's move is notable because he's been officially following the stock since 2005. He's had a pulse on the media giant before the industry-saving merger approval of Sirius and XM in 2008 and even the arrival of Howard Stern on satellite radio in 2006. He gets the popular platform, with 32 million self-pay subscribers.
It doesn't mean that he's right this time.
Source Fool.com
