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Benzinga
Benzinga
Business
Wayne Duggan

Bullish SiriusXM Analyst Says Auto Market Weakness Will Extend Into 2023

Siri SiriusXM Jessica Reif Ehrlich Nasdaq Sirius XM Holdings Inc Bank of America

Shares of Sirius XM Holdings Inc (NASDAQ:SIRI) have performed well so far in 2022 despite ongoing weakness in the auto industry. Unfortunately for SiriusXM investors, Bank of America analyst Jessica Reif Ehrlich said Wednesday that auto supply chain issues will continue to persist for quite some time.

Chip Shortage Drags On: Coming into 2022, auto industry analysts were anticipating the chip shortage that has contained production would be alleviated in the second half of 2022. However, Bayerische Motoren Werke ADR (OTC:BMW) management recently said the Russian invasion of Ukraine now likely pushed the chip shortage into 2023.

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