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Fly News Breaks for September 30, 2019
PTON
Sep 30, 2019 | 09:34 EDT
DA Davidson analyst Michael Kawamoto is keeping his Neutral rating and $29 price target on Peloton after the "rough first day" of trading for the stock following its IPO. The analyst notes that he remains impressed by the company's "robust" growth metrics, but contends that investors are skeptical over the company's potentially much higher "churn" figures in Peloton Digital, since this these exercise users do not have a large fixed cost anchoring them to the platform. Kawamoto adds that Peloton will require further growth, scale, and "ultimately profitability" to achieve the Subscriber gross margin target of over 70% forecasted by CEO John Foley.
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