Why Peloton Stock Slipped Today
As if it needed another drubbing, battered fitness stock Peloton Interactive (NASDAQ: PTON) took the latest in a series of blows from analysts on Monday. Another prognosticator weighed in with a price cut on the company's shares; the second trading day in a row that has occurred. As a result, Peloton stock fell by over 1% on the day.
Before the market open, Truist Securities' Youssef Squali shaved his price target on Peloton to $13 per share from his previous $15. He's maintaining his hold recommendation on the shares.
In a new research note, Squali predicted that the company's full-year 2023 guidance is likely to be uninspiring, given the many challenges to its business (which comprises both exercise equipment sales and streaming video services). He doesn't feel that Peloton will show significant growth until the second half of that year.
Source Fool.com
