Analyst Bryan Kraft argues that the market has failed to account for the scale of the company’s new role as the exclusive U.S. audio advertising representative for YouTube. While consensus estimates project modest growth of roughly $250 million through 2028, Kraft projects the partnership could generate $2 billion in incremental annual revenue by 2029. This disconnect between current analyst expectations and the company’s internal trajectory suggests the stock remains significantly mispriced.

Beyond the YouTube agreement, SiriusXM is leveraging its relationship with Amazon. Since July, the company has expanded its involvement with Amazon’s delivery service partner program, allowing advertisers to purchase Pandora streaming music and SiriusXM podcast inventory directly through Amazon platforms. These combined revenue streams have already pushed shares up 35% this year, a momentum Kraft believes has further room to run as these integrations mature.