If you also do not have any inter-station hiss, its likely that an amplifier in the IF (Intermediate Frequency) section has failed.
That would also cause a loss of signal meter level and stereo operation as the signal would be too weak.
The receiver uses two transistors (Q4 and Q5) and two IF amplifier ICs (IC4 and IC1). You can jumper past them (in the case of the transistors from the output of the first ceramic filter to the input of the second; for the ICs from the input of the IC to its output driving the IF transformer) using a 0.01uf cap to see if doing so increases the signal. If it does then the device is bad, if the signal gets weaker the device is good.
As always in stuff this old, electrolytic capacitors are always suspect, such as C44, which is the Vcc+ bypass for the IF section. I'd also check the FM voltage regulator (Q9, 2SC1096), which should be putting out about 13.8V.