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Peloton Stock Rises as Analyst Says It’s at a ‘Turning Point’
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Key Points
- Peloton Stock jumped after Canccord Genuity upgraded the company from “hold” to “buy”.
- Fixed bike companies are at a “turning point in their journey” and are “definite leaders connecting the fitness industry”,
- Last month, the company reported quarterly results to beat analyst expectations.
Peloton(column) Stocks appeared on Friday after analysts at Canaccord Genuity upgraded the company’s shares from “Hold” to “buy.”
Analysts said in a note Thursday that the company is a “clear leader in the connected fitness industry” with a “loyal membership base” of 6 million. Canaccord Genuity maintained the stock’s $10 target, a 50% premium after Peloton shares rose nearly 10% to $6.64. By comparison, according to Alpha, the analyst consensus target is $10.59.
The upgrade is done after Peloton’s quarterly results released Defeat analyst expectations Last month, even revenue fell year-on-year. At the time, the stationary bike maker said it had a “steep hill that can be climbed to achieve sustained, profitable growth”.
According to Visible Alpha, Peloton has not reported unadjusted quarterly profits since 2021. However, Canaccord analysts said the company is “on a journey of meaningful upward potential at the current level.”
Peloton shares rose more than 9% on Friday. The stock has risen more than 50% over the past 12 months, but so far the stock has lost about a quarter of its value due to market struggles.
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