BMO Capital analyst Simon Siegel downgraded Peloton Interactive to Underperform from Market Perform with an unchanged price target of $26. The shares closed Friday down 8%, or $2.86, to $33.49. The analyst expects Peloton to post “strong” stay-at-home related sales in the second half of 2020. However, with the shares up 70% from recent lows, “so does everyone else,” Siegel tells investors in a research note. Further, the analyst worries that accelerating member growth will prove a pull-forward of demand, rather than an expansion of it. Peloton’s current $10B enterprise value is essentially pricing in that 3M to 7M members will be willing and able to pay for its product, well above Q2’s 712,000, says the analyst. Siegel also remains concerned that Peloton’s lower-priced digital offering is essentially “too good” versus its “more-expensive-for-the-same-content” connected fitness subscription.