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Where's the Floor? Stifel Downgrades Peloton Stock to Hold, Others Find Risk-Reward Attractive

Peloton (NASDAQ:PTON) stock fell 8.7% yesterday to close at $12.90, roughly 92% lower compared to the record high set in December 2020. The latest drop came after the company...
Where's the Floor? Stifel Downgrades Peloton Stock to Hold, Others Find Risk-Reward Attractive © Reuters Where's the Floor? Stifel Downgrades Peloton (PTON) Stock to Hold, Others Find Risk-Reward Attractive

Peloton (NASDAQ:PTON) stock fell 8.7% yesterday to close at $12.90, roughly 92% lower compared to the record high set in December 2020.

The latest drop came after the company offered a light forecast and said it raised $750 million in debt from Goldman Sachs (NYSE:GS) and JPMorgan (NYSE:JPM).

Stifel analyst Scott W. Devitt downgraded shares to Hold from Buy with a $14.00 per share price target today.

“While we acknowledge that it is still early in the company's transition, visibility into the normalized growth rate of the business has yet to emerge. Guidance for 2Q calls for just ~18K net sequential Connected Fitness Subscriber additions, despite the company having lowered prices on its core hardware products in April. The price reductions implemented early in F4Q will contribute to reductions in hardware gross margins, leading to an adj. EBITDA outlook well below our expectations and consensus. We expect it will take several quarters to determine a more normalized pace of connected fitness subscriber growth, and we are materially lowering our estimates as we take a wait-and-see approach to initiatives aimed at reinvigorating growth and reducing costs,” Devitt said in a client note.

On the other hand, JMP analyst Andrew Boone finds Peloton’s valuation “attractive” after a significant move lower. The analyst has a $25.00 per share price target on Peloton.

“We believe growth expectations have now been sufficiently reduced and we note our 2023 revenue estimate is roughly unchanged. Given our view that Peloton’s Connected Fitness workout experience is best in class and that Peloton can continue to take share from gyms given its fantastic user experience (members worked out 18.8x per month last quarter), convenience (at home and on demand), and lower cost (relative to boutique fitness classes), while the One Peloton Club and pricing optimization are unlocking demand and leading to better monetization, we are looking through current revenue visibility issues and upgrading shares.”

Similarly, JPMorgan analyst Doug Anmuth “likes” the risk-reward at current levels.

“The near-term environment remains challenging & significant cost savings will take time. PTON is very much a show-me story, but we like the risk/reward at current levels, particularly as the market assigns zero to negative value to CF Products, & only 1.3x ‘23E Revenue & 3.1x '23E Gross Profit to the company overall,” Anmuth told clients.

By Senad Karaahmetovic

Hot Auto Trade Bot Phương Thức Thanh Toán
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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

GBP/USD

1.2475

-0.0015 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (2)

Sell (3)

USD/CAD

1.3780

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

EUR/JPY

168.32

+0.10 (+0.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

EUR/CHF

0.9808

+0.0001 (+0.01%)

Summary

Neutral

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Buy (3)

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Gold Futures

2,295.80

-7.10 (-0.31%)

Summary

↑ Sell

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Buy (0)

Sell (9)

Silver Futures

26.677

+0.023 (+0.09%)

Summary

↑ Sell

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Buy (2)

Sell (10)

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Buy (0)

Sell (9)

Copper Futures

4.5305

-0.0105 (-0.23%)

Summary

↑ Buy

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Buy (8)

Sell (1)

Crude Oil WTI Futures

81.14

-0.79 (-0.96%)

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Brent Oil Futures

85.62

-0.71 (-0.82%)

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Natural Gas Futures

1.946

-0.009 (-0.46%)

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Buy (0)

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US Coffee C Futures

213.73

-13.77 (-6.05%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

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Euro Stoxx 50

4,920.55

-60.54 (-1.22%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (7)

S&P 500

5,035.69

-80.48 (-1.57%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

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Buy (0)

Sell (7)

DAX

17,921.95

-196.37 (-1.08%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (1)

Sell (6)

FTSE 100

8,144.13

-2.90 (-0.04%)

Summary

Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (4)

Hang Seng

17,763.03

+16.12 (+0.09%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (6)

US Small Cap 2000

1,973.05

-42.98 (-2.13%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

IBEX 35

10,854.40

-246.40 (-2.22%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (3)

Sell (3)

BASF SE NA O.N.

49.155

+0.100 (+0.20%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

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Buy (1)

Sell (7)

Bayer AG NA

27.35

-0.24 (-0.87%)

Summary

↑ Sell

Moving Avg:

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Buy (0)

Sell (8)

Allianz SE VNA O.N.

266.60

+0.30 (+0.11%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

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Buy (3)

Sell (5)

Adidas AG

226.40

-5.90 (-2.54%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

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Buy (2)

Sell (7)

Deutsche Lufthansa AG

6.714

-0.028 (-0.42%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

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Buy (9)

Sell (1)

Siemens AG Class N

175.90

-1.74 (-0.98%)

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↑ Sell

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Buy (0)

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15.010

-0.094 (-0.62%)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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RON 95-V25.44025.940
RON 95-III24.91025.400
E5 RON 92-II23.91024.380
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EUR26.475,3627.949,19
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Cập nhật lúc 10:45:15 01/05/2024
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