Stifel Cuts Peloton Interactive Price Target By 14%, Maintains Buy Rating

Stifel analyst Scott Devitt lowered Peloton Interactive Inc's PTON price target to $120 from $140 (implying 44% upside) and kept a Buy rating on the shares.
The analyst assumes more modest gross margin expansion in FY23 and out years, given the company's pricing cuts and his estimates for product mix.
While recent pricing changes, near-term margin headwinds, and concerns of elevated subscriber churn have weighed on investor sentiment and share performance, Devitt continues to see multiple drivers for near-term growth.
Devitt views international expansion and new hardware opportunities as drivers of sustainable long-term growth.
Price Action: PTON shares are trading higher by 0.87% at $83.28 on the last check Wednesday.

Momentum93.71

Growth21.24

Quality-

Value29.73

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Medium

Long

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