Peloton Stock Will Surge 30% to $59, According to This Analyst

Even after surging 60% over the past month, plenty of gains still lie ahead for Peloton Interactive's (NASDAQ: PTON) investors.

So says JMP Securities analyst Ronald Josey, who boosted his target price on Peloton's stock to $59, up from his prior forecast of $53. Josey also reiterated his market outperform rating on the stock, following the exercise equipment maker's strong third-quarter results.  

"Peloton announced it surpassed 1 million net CF [connected fitness] subscribers at a rate significantly faster than we had expected, reinforcing our belief that consumer fitness behavior is fundamentally changing due to COVID-19 and that Peloton is well-positioned to benefit as demand continues to accelerate," Josey said. 

Continue reading

Source Fool.com