彭博汇总稿：德银将Sirius XM上调至买入、目标价45美元（较周四收盘+51%），理由是YouTube独家音频广告代理与Amazon DSP合作；该note实际发布于9月2日，股价当日已+7.5%消化

Underappreciated partnerships with a pair of tech megacaps could mean Sirius XM Holdings Inc. shares are poised to extend a significant gain this year, according to Deutsche Bank, which upgraded the stock to buy from hold this week.

Analyst Bryan Kraft is now a relatively rare bull on the satellite radio company, expecting growth to take off given its relationships with both Amazon.com Inc. and Alphabet Inc.’s YouTube. In a Sept. 2 note he boosted his price target to $45, one of the highest on the Street, and which signals the stock could gain 51% from Thursday’s close.

“The stock is trading at a pretty significant discount to its intrinsic value, and as it transforms into a company with a healthy growth rate, we should see a re-rating,” he said in an interview.

Kraft’s enthusiasm for Sirius XM is uncommon on Wall Street, where just five of the 14 analysts tracked by Bloomberg recommend buying the stock. The average price target is about $33, implying upside of 11%. Shares of Sirius have gained nearly 50% this year, well above the 14% gain of the S&P Midcap 400 Index.

Kraft’s bullish thesis hinges on how Sirius XM is becoming YouTube’s exclusive US audio advertising representative, a relationship he calculated could drive an addition $2 billion in annual incremental revenue by 2029, along with an Ebitda contribution between $350 million and $400 million.

“This alone puts Sirius back into being a growth company,” he said. “You almost need to take a step back to appreciate how significant this is, because it isn’t factoring into estimates at all yet.”

Sirius generated about $8.6 billion in revenue over 2025, and the current consensus is for annual revenue growth in the low single digits every year through 2029, when sales are expected to reach $9.1 billion, according to data compiled by Bloomberg. Earnings, however, are seen growing at or near a double-digit clip every year over that time span, including the 30% growth expected this year.

Kraft also sees an expanded relationship between the company and Amazon’s demand-side platform for ads as a tailwind for revenue growth. Advertising for both Sirius XM and Pandora & Off-Platform business accounted for more than 20% of total 2025 revenue.

Sirius XM shares currently trade at about 9 times forward earnings, 50% below its 10-year average and at a discount to the broader S&P Midcap 400 Index, which trades at about 16 times forward earnings.

“Right now the stock’s multiple is reflective of a company that isn’t growing, but as it starts to execute on these relationships, we expect a re-rating that reflects the positive growth,” he said.

Here are other notable analyst calls and commentary this week:

Robinhood Markets Inc was upgraded to overweight from under-weight at Morgan Stanley as its prediction markets efforts offer proof that the online brokerage can keep expanding revenue. Rothschild & Co Redburn analyst Simon Baker downgraded Moderna to sell from neutral, saying that the stock’s run after a cancer trial win has left it “considerably overvalued.” Duolingo shares were upgraded to outperform from inline at Evercore ISI, which also gave the company a street-high price target of $210 citing an opportunity following severe weakness in the stock. Multiple firms including BMO Capital Markets and Wells Fargo downgraded shares of PG&E after California legislators introduced a bill that would update the state’s wildfire response without shifting liability away from publicly traded utilities.