Oppenheimer analyst Jason Helfstein raised his price target for Peloton to $38 from $29, in line with peer valuations on gross profit, even though Peloton is anticipated to grow faster than peers. Helfstein tells investors in a research note that his bullishness is further supported by strong search trends, website traffic and improving customer satisfaction. Peloton also announced a 33% price reduction in its Digital Membership, which Helfstein says should be a positive catalyst to increase "top of the funnel" growth as 10% of Digital Members convert to Connected Fitness Subscribers.