Peloton downgraded to Neutral from Outperform at Credit Suisse - InvestingChannel

Peloton downgraded to Neutral from Outperform at Credit Suisse

Credit Suisse analyst Kaumil Gajrawala downgraded Peloton Interactive to Neutral from Outperform with a price target of $50, down from $112. The analyst says higher mobility, a shift in consumer spending and the return of in-person fitness are “demand headwinds after a breakneck” fiscal 2021 for the company. Consumers appear fixated on reopening themes and purchases with an unclear timeline for normalization, Gajrawala tells investors in a research note. Over the next year, he thinks these factors increase the likelihood of a “no-to-low growth” in fiscal 2022 for Peloton.