UPDATE: Peloton Interactive (PTON) PT Lowered to $50 at JPMorgan

JPMorgan analyst Doug Anmuth lowered the price target on Peloton Interactive (NASDAQ: PTON) to $50.00 (from $70.00) while maintaining a Overweight rating.

The analyst comments "Peloton is the largest interactive fitness platform in the world, with 6.2M+ members across the US, UK, Canada, and Germany. We believe Peloton is well positioned to disrupt the fitness industry through its at-home connected fitness subscription platform, with significant runway for growth as PTON Members only represent ~3% of global gym memberships. Peloton retains control over the entire member journey through its vertically integrated model, which allows the company to deliver on its members-first mission and drives a passionate and highly engaged member base. We believe Peloton has a strong financial profile, including multiple growth levers that should support 15%+ top-line growth from FY23 through FY25 (i.e., expanded product portfolio and international market launches) and strong unit economics that give us confidence in Peloton’s ability to achieve significant profitability over time."

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