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Needham analyst Bernie McTernan raised the firm's price target on Peloton to $20 from $14 and keeps a Buy rating on the shares after its Q2 results. The highlights for the quarter were the company's better than expected revenue and the progression on fixing product gross margins, the analyst tells investors in a research note. The firm adds that while the falling product margins and rising fixed costs have overshadowed the attractive economics of a Peloton subscription, this dynamic is fading.

Roth Capital analyst George Kelly raised the firm's price target on Peloton to $20 from $13 and keeps a Buy rating on the shares. The company's margins and new equipment demand remain challenged, which could keep the stock range bound in the near term, but Peloton is still expected to consolidate share over time, the analyst tells investors in a research note.

Canaccord analyst Michael Graham raised the firm's price target on Peloton to $20 from $15 and keeps a Buy rating on the shares. The analyst said they reported mixed Q2 results but see the turnaround is continuing as a return to growth is now more visible.

BofA analyst Justin Post raised the firm's price target on Peloton to $19 from $16 and keeps a Buy rating on the shares after the company beat expectations on revenue and subscribers in Q2, but missed on EBITDA. Hardware margin is still an overhang, but there were "a few positive signs," said the firm, which is raising its FY23 revenue estimate and assumes the company operates near breakeven cash flow for a year or two going forward as it reinvests.

JPMorgan analyst Doug Anmuth raised the firm's price target on Peloton to $19 from $13 and keeps an Overweight rating on the shares. The analyst come away from the fiscal Q2 earnings report incrementally positive on Peloton based on the rationalized cost base and improving free cash flow loss, as well as better than expected connected fitness subscriber growth. With the cost base now more variable, Peloton is shifting focus toward restoring revenue growth while balancing the company's goal for sustained free cash flow generation, the analyst tells investors in a research note.

Baird analyst Jonathan Komp raised the firm's price target on Peloton to $14 from $12 and keeps a Neutral rating on the shares. The analyst raised his target but said he would avoid chasing the stock while noting the company has effectively addressed near-term liquidity concerns, but proving current initiatives can drive incremental and profitable growth will require some further heavy lifting.

Barclays analyst Mario Lu raised the firm's price target on Peloton to $19 from $14 and keeps an Overweight rating on the shares. The company's total revenue and connected subs came in above expectations, seeing an uplift from the holiday season, and adjusted free cash flow burn turned positive in the quarter, well ahead of Peloton's breakeven goal by fiscal year end, the analyst tells investors in a research note. The firm continues to favor the stock here as it views both the Q3 and Q4 revenue guides as "more than achievable to beat."

Bernstein analyst Aneesha Sherman raised the firm's price target on Peloton to $20 from $13 and keeps an Outperform rating on the shares. Peloton has done the work on fixing the business, results are showing through, and the progress continues, the firm says. Bernstein updates its numbers post-Q2 and models a positive margin mix shift, leaner Opex, positive free cash flow at year-end 2023 and positive adjusted EBITDA in 2024.