Here's Why You Should Hold Onto Sirius XM (SIRI) For Now
Zacks Investment Research | Apr 03, 2017 03:42AM ET
Shares of Sirius XM Holdings Inc. (NASDAQ:SIRI) have outperformed the Zacks categorized Broadcast- Radio-TV industry over the last three months. The stock rallied 17.53% compared with the industry‘s gain of 13.11% over the same period.
Sirius XM’s net subscriber growth is encouraging. The company added over 1.75 million new subscribers in 2016, ending the year with a user base of approximately 31.3 million. The company is expected to witness further subscriber growth this year. Its efforts to expand its product portfolio also raise optimism. Warren Buffett's decision to invest in the stock has also done the trick for the stock. The company's efforts to reward shareholders are impressive as well.
We are positive on the company’s move to increase its stake in its Canadian unit to 70% from 37%. We also view the company’s deal with a leading player like AT&T (NYSE:T) to provide 4G LTE connectivity as a major positive.
In view of the above positives, we believe that Sirius XMstock should be retained by investors right now.
Zacks Rank & Key Picks
Sirius XM currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the broader consumer discretionary sector are Central European Media Enterprises Ltd. (NYSE:T) and Salem Media Group, Inc. (NASDAQ:SALM) . All of these stocks carry a Zacks Rank #2 (Buy). You can see .
Shares of Central European Media Enterprises and Salem Media have gained over 21% and 19% respectively, on a year-to-date basis.
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