Peloton Interactive (PTON) PT Raised to $45 at Stifel
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Stifel analyst Scott Devitt raised the price target on Peloton Interactive (NASDAQ: PTON) to $45.00 (from $40.00) while maintaining a Buy rating following results, a company refresh, and management changes.
The analyst commented "Peloton announced F2Q results this morning that were consistent with our estimates and preliminary results provided on 1/21. More importantly, the company announced a number of business developments including (1) the appointment of Barry McCarthy as CEO (effective tomorrow) alongside a reshuffling of its Board and (2) a company-wide restructuring plan aimed to meaningfully reduce operating costs and capital expenditures. With the plan, management envisions ~$800mm in annual run-rate cost savings by FY:24 with a focus on re-accelerating top-line growth and improving the cost structure. Against this backdrop, the company's FY:22 guidance is below our and the Street's prior estimates stemming from the slower demand environment and ongoing operational challenges. While our near-term estimates move lower, we are raising our intermediate- and long-term profitability estimates to reflect ongoing cost structure changes and more modest capital investment. We remain Buy rated and our PT rises to $45 reflecting our model changes."
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