JMP Securities analyst Andrew Boone upgraded Peloton Interactive to Outperform from Market Perform with a $25 price target post the Q1 results. Stifel this morning downgraded the shares to Hold. The basis of the upgrade is a valuation call as the stock’s risk/reward appears favorable, Boone tells investors in a research note. In addition, growth expectations have now been sufficiently reduced, says the analyst, who notes his 2023 revenue estimate is roughly unchanged. Boone is “looking through current revenue visibility issues” as he believes Peloton’s Connected Fitness workout experience is “best in class” and that the company can continue to take share from gyms given its “fantastic user experience.”
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