Shares of Peloton Interactive (NASDAQ: PTON) hit a new all-time low on Friday. One analyst believes that the stock can head even lower in the near term.
Arpine Kocharyan at UBS is slashing her price target from $8 to $4 this week. She is sticking to her sell rating, a market call that has been particularly astute when it comes to the beleaguered connected fitness pioneer. The stock has shed nearly half of its value in 2023, down a brutal 97% from the all-time peak it reached in early 2021.
A lot has gone wrong at Peloton after the initial pandemic surge for its stock and its products. Things aren't getting better, according to Kocharyan. After a positive trend in visits to the Peloton website in May and June, the data that she's seeing shows traffic taking a negative turn in July and August.
Source Fool.com