JMP Securities analyst Andrew Boone downgraded Peloton Interactive to Market Perform from Outperform without a price target. The company’s website visits and page views declined year-over-year in December according to SimilarWeb, says the analyst, who moved his projections to be below consensus and guidance for fiscal 2022. Traffic data provides confirmation that Peloton demand was “significantly pulled forward during the pandemic, creating difficult comps for this fiscal year,” Boone tells investors in a research note. The analyst continues to believe that Peloton offers “best-in-class” hardware and digital content and has growth drivers in new products and international expansion, but with his estimates now below consensus as U.S. Bike sales slow, he’s stepping to the sidelines.
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