MKM Partners analyst Rohit Kulkarni raised his price target on Peloton to $28 after its "impressive" Q2 results, but says that its guidance was "fuzzy", with "key yellow flags" seen in the optics around the company's outlook that included a "lump deceleration" in the March quarter. The analyst also cites the management's commentary anticipating FY20 to be a "peak investment year" and thus mark a trough in EBITDA margins, though based on its near term outlook, he does not see a "significant expansion" from the stock's multiple levels. Kulkarni keeps his Neutral rating on Peloton.