UPDATE: Goldman Sachs Starts Peloton Interactive (PTON) at Neutral, Likes the 'subscription-ification' PTON Captures Regarding Consumer Behavior

(Updated - September 13, 2021 5:10 AM EDT)

Goldman Sachs analyst Eric Sheridan initiates coverage on Peloton Interactive (NASDAQ: PTON) with a Neutral rating and a price target of $110.00.

The analyst comments "Peloton operates an at-home fitness platform for live and on-demand classes/content. It operates through two reportable segments: Connected Fitness Products and Subscription. The Connected Fitness Product segment consists of sales of bike, tread & related accessories, and boutique & apparel sales. The Subscription segment involves the monthly subscription and credits from live studio classes. Over the past 18 months, Peloton has been a clear beneficiary of the stay-at-home dynamic around the pandemic and the main debate for the shares going forward remain the level of normalized growth, addressable market, & RoI on subscriber dynamics in the years ahead. We view Peloton as a market leader in connected fitness and don’t expect that dynamic to change over our forecast period. Peloton does sit at the intersection of many secular growth themes within consumer Internet (all driven by Peloton mgmt’s vertical integration approach) - hardware, software, community of users, media content, and subscription-ification of consumer behavior."

For an analyst ratings summary and ratings history on Peloton Interactive click here. For more ratings news on Peloton Interactive click here.

Shares of Peloton Interactive closed at $114.41 yesterday.

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