Peloton Interactive (PTON) PT Raised to $190 at Rosenblatt
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Rosenblatt analyst Bernie McTernan raised the price target on Peloton Interactive (NASDAQ: PTON) to $190.00 (from $186.00) while maintaining a Buy rating.
The analyst commented, "We reiterate our Buy rating on PTON shares and increase our price target to $190 from $186 driven by positive revenue estimate revisions following higher guidance for FY'21E. While we expect expedited shipping to modestly weigh on gross margins near-term, the attractiveness of the business model has not changed, in our view, with significant subscriber growth acquired at attractive rates and low churn leading to the migration of revenue and profits towards higher margin and recurring subscription revenue. We continue to be bullish on the introduction of the value tread despite the launch date in the US being pushed out in response to the greater than expected demand for the product in the UK."
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