Bank of America downgrades Peloton, slashes price target in half after earnings sell-off

📆 24/08/2023 11:40:00
📰 CNBC

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The firm moved to the sidelines on the stock and halved its price target.

Expectations for underwhelming future growth have pushed Bank of America onto the sidelines with Peloton . Analyst Justin Post downgraded the workout stock to neutral from buy and cut his price target in half to $6.50. Still, Post's shaved target still implies an upside of 20.1% from where the shares finished Wednesday. "While we still see real value in the sub base ... we have less confidence in subscriber growth drivers from here," he said in a note to clients Wednesday.

mountain Peloton's last five days — CNBC's Michael Bloom contributed to this report

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