Peloton Interactive (PTON) PT Raised to $46 at Baird

Baird analyst Jonathan Komp raised the price target on Peloton Interactive (NASDAQ: PTON) to $46.00 while maintaining an Outperform rating following results, a business update, and management changes.

The analyst commented, "We are highly encouraged to see PTON initiate the steps needed to bolster the leadership/Board, to restructure the business for current demand, and to shift to a sustained, profitable growth focus. While the onus will remain on PTON to prove consistent execution, a favorable long-term industry backdrop combined with greater visibility to PTON's growth model could attract more investor interest. Our raised $46 price target now assumes 30X our revised F2024E adjusted EBITDA, and we see a much higher 1-2 upside potential (mid-$60s) in a bull-case."

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