Peloton downgraded by Credit Suisse, which slashes price target to $50


Peloton Interactive PTON, -11.35% was downgraded to neutral from outperform at Credit Suisse, as it lowered its price target to $50 from $112. Analysts led by Kaumil Gajrawala lowered their rating due to improving mobility and a return to in-person fitness after a strong 2021. The Credit Suisse subscriber estimate of 800,000 net adds is below company guidance between 1 million and 1.1 million, and Peloton has been increasing advertising and discounting more to fight slowing demand, which “change[s] the economic model.” Peloton skidded 11% to $40.70 on Thursday, a day in which it received publicity for a plot twist in the “Sex and the City” revival.

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