Peloton Interactive last night reported fiscal Q2 results well above expectations and raised revenue and adjusted EBITDA guidance for fiscal 2020, Stifel analyst Scott Devitt tells investors in a post-earnings research note titled "Climbing Worry Mountain To Much Higher Elevation." The analyst raised his price target for Peloton shares to $38 from $37 and keeps a Buy rating on the name. The stock in premarket trading is down 7%, or $2.20, to $30.50. Shorter than expected delivery times shifted 6,000 Connected Fitness subscribers into Q2 from Q3, leading to a lower than Street Q3 revenue guide, the analyst points out. However, despite the timing shift, Peloton's updated fiscal year outlook implies a higher total second half, indicating better anticipated momentum, says Devitt. He's encouraged by Peloton's ability to drive engagement across new and existing product offerings and remains supportive of the company's investments in content development and new markets.