Peloton downgraded to Sell from Neutral at UBS

UBS analyst Eric Sheridan downgraded Peloton Interactive to Sell from Neutral with a price target of $124, up from $115. The stock is "emblematic of a market that values growth over any semblance of valuation that can be justified" on a multiple year view based on fundamentals, Sheridan tells investors in a research note. The analyst thinks investors "need to be wary of the rising trend of bull market optimism" in a handful of businesses that have been either COVID-19 "beneficiaries" or have come to the public markets over the last 18 months. He sees a negative risk/reward skew for Peloton shares at current levels.