Peloton Interactive (PTON) PT Raised to $37 at Cowen After Survey Hints at Growing Adoption

Cowen analyst John Blackledge raised the price target on Peloton Interactive (NASDAQ: PTON) to $37.00 (from $36.00) ahead of F3Q20 earnings and after completing a survey that showed interest by younger cohorts.

The analyst maintainined a Outperform rating, stating "Peloton shares are down ~7% since the F2Q20 print on 2/5 amid broader market volatility, although PTON is close to flat YTD; we view Peloton's valuation as attractive at current levels, supported by the large TAM and opportunity ahead, which is further underscored by the Covid-19 "at-home" trend. PTON currently trades at a slight discount on EV/Sales to tech/growth/social peers & a >1-turn discount to digital subscription peers, despite higher growth forecast".

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