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Peloton price target raised to $200 from $145 at JPMorgan

JPMorgan analyst Doug Anmuth raised the firm's price target on Peloton Interactive to $200 from $145 and reiterates an Overweight rating on the shares following last night's fiscal Q2 results. The stock in early trading is down 6.5% to $147.21. While supply constraints persist, Peloton is "on the cusp of turning the corner," Anmuth tells investors in a research note. Current manufacturing capacity is now exceeding strong demand and normal order-to-delivery times of four weeks is possible by the end of June, says the analyst. Anmuth adds that the Tread launch in the U.K. has been highly successful, pushing out the U.S. launch by two months. The delayed U.S. roll-out is disappointing, but it's much better than launching with extended order-to-delivery times, says the analyst. Peloton remains one of his top picks.

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