Shares of Sirius XM (SIRI) - Get Report were lower nearly 1% in pre-market trading on Wednesday after being cut to "equal weight" from "overweight" with a $49. price target at Barclays.

"SIRI has been one of our favorite names over the last few years on account of its clean execution story, substantial normalized capital returns and visibility of growth rates," Barclays analyst Kannan Venkateshwar wrote. "SIRI has outperformed the SPX ~18% in last six months, recently helped by Berkshire increasing its ownership, downplaying the likelihood of Pandora deal, speculation around value of SIRI's connected car business due to Intel-Mobileye deal."

While Venkateshwar currently likes the stock's fundamental story, the next "couple of years" are likely to change that.

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