), once a pandemic darling, fell out of favor following the reopening of the economy as people returned to gyms and competition increased. Peloton shares crashed last year due to its deteriorating sales and mounting losses.
Nevertheless, investor sentiment has improved for PTON stock, thanks to the company's turnaround efforts under CEO Barry McCarthy. Investors cheered the company's fiscal second-quarter results due to higher subscription revenue even as the overall sales dropped 30% year-over-year. While its loss per share narrowed from the prior-year quarter, it was worse than what Wall Street projected.
Anmuth reiterated a buy rating and raised the price target to $19 from $13, given the company's focus on restoring its revenue growth. Anmuth ranks 192 out of more than 8,300 analysts on TipRanks, with a success rate of 58%. Each of his ratings has delivered a 15.1% return on average.
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