Deutsche Bank Upgrades SiriusXM to Buy, Sees Digital Audio Upside
Deutsche Bank says Wall Street is underestimating SiriusXM’s potential as it shifts toward digital audio advertising, estimating up to about $2 billion in annual incremental revenue by 2029. The bank projects a high-teens EBITDA margin and added EBITDA of roughly $350 million–$400 million, citing an expanded Amazon partnership and YouTube U.S. audio ad role. It flags uncertainty around Berkshire Hathaway’s rising stake and buybacks. On Sept. 2, Deutsche Bank upgraded SiriusXM to Buy and raised its price target to $45.