Sirius XM falls after beginning trading under new structure; cuts 2024 FCF target
** Radio company Sirius XM Holdings' SIRI.O shares fall 7.3% to $24.73
** Co begins trading under new structure after billionaire John Malone's Liberty Media completed a merger of its business that holds a majority stake in the radio company with the rest of Sirius XM.
** As a result of expenses stemming from the transaction, co expects about $200 million in costs
** SIRI now expects annual free cash flow of $1.0 billion for 2024, down more than 16% from its earlier target of $1.20 billion
** SiriusXM's board authorized a common stock repurchase program for about $1.17 billion; the program is a continuation of the stock repurchase program of the former SiriusXM
** Co also undertook a 1 for 10 stock split upon closing of the transaction
** 4 of 12 brokerages rate the stock "buy" or higher, 5 "hold" and 3 "sell" or lower; their median PT is $32.50
** SIRI down 53.6% YTD
Reporting by Arsheeya Bajwa in Bengaluru
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