Sirius XM upgraded by Seaport, as ‘short-squeeze correction’ may have ended

Sirius XM Holdings Inc.’s stock
SIRI,
+1.57%
was upgraded to neutral from sell by Seaport Research Partners Monday. “We think the short-squeeze correction has likely run its course,” wrote Seaport analyst David Joyce. “Ahead of the 2Q23 report Tuesday morning, we are upgrading SIRI shares to Neutral from Sell (they had nearly reached our $4.50PT before the broader market strengthened late last week).” Sirius XM’s stock rose 2% in premarket trades Monday after ending Friday’s session up 6.2%. The shares have gained 35.2% in the last three months, outpacing the S&P 500 index’s
SPX,
-0.01%
gain of 9.9%. Of 14 analysts surveyed by FactSet, two have a buy rating, six have a hold rating and eight have an underweight or sell rating for Sirius XM.