Why Peloton Stock Rode to an All-Time High Today
Shares of Peloton (NASDAQ: PTON) shot up by more than 8% to touch a new all-time high of $169 a share on Wednesday, and was still up by 7% as of 12:30 p.m. EST. The share price gains came after the connected fitness company got a vote of confidence from a Wall Street analyst: Bank of America Securities' Justin Post boosted his price target on Peloton shares from $150 to $175 while reiterating his buy rating.
Post noted that monthly visits to the company's website soared by 167% year over year in December, and also rose on a month-over-month basis. That surge suggested heightened demand for Peloton's home exercise equipment.
Image source: Peloton.
Source Fool.com