Rosenblatt has reaffirmed its "Neutral" rating for Sirius XM Holdings Inc. (SIRI), maintaining a price target of $23.00 as of December 1, 2025. The analysis, led by Barton Crockett, points to a steady outlook, reiterating the same rating and target that was previously set in August 2025. The firm's valuation is based on a 6.4x EV/EBITDA multiple on its 2026 adjusted EBITDA estimates. While Rosenblatt acknowledges concerns over subscriber losses, with a projected decline of 530,000 self-pay subscribers in 2025, it also notes that a lower capital expenditure cycle is anticipated to increase the company's free cash flow in the coming years.