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Jan. 13, 2021, 10:59 a.m. EST

Peloton's stock jumps into record territory after BofA Securities analyst gets more bullish

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By Tomi Kilgore

Shares of Peloton Interactive Inc. /zigman2/quotes/208035743/composite PTON +6.65% ran up 5.4% into record territory in morning trading Wednesday, after BofA Securities analyst Justin Post became more bullish on the fitness-equipment company, citing data suggesting demand continues to outstrip supply. Post reiterated his buy rating on the stock, while raising his price target by 17%, to $175 from $150. Post said his research indicates that visits to Peloton's site in the fiscal second quarter, which ended December, rose 167% from a year ago, a deceleration from 289% growth in the first quarter, "but well above competition." He said Peloton-related posts during the quarter on Facebook Inc.'s /zigman2/quotes/205064656/composite FB +0.90% Instagram are up 71%a, and are up 92% on Twitter /zigman2/quotes/203180645/composite TWTR -1.16% , "suggesting new user engagement remains high." He said while delivery times remain long, data suggests that order backlog should help support "strong" third quarter results. "While valuation is a risk, we remain constructive on the stock ahead of the full U.S. lower-priced tread launch, likely in March (potential catalyst)," Post wrote in a note to clients. The stock, which was trading above its Dec. 23 record close of $162.76, has rallied 25.5% over the past three months while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.22% has gained 8.5%.

/zigman2/quotes/208035743/composite
US : U.S.: Nasdaq
$ 95.29
+5.94 +6.65%
Volume: 28.79M
May 13, 2021 4:00p
P/E Ratio
152.32
Dividend Yield
N/A
Market Cap
$26.21 billion
Rev. per Employee
$494,288
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/zigman2/quotes/205064656/composite
US : U.S.: Nasdaq
$ 305.26
+2.71 +0.90%
Volume: 18.08M
May 13, 2021 4:00p
P/E Ratio
26.11
Dividend Yield
N/A
Market Cap
$857.87 billion
Rev. per Employee
$1.47M
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/zigman2/quotes/203180645/composite
US : U.S.: NYSE
$ 50.11
-0.59 -1.16%
Volume: 14.30M
May 13, 2021 4:03p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$40.47 billion
Rev. per Employee
$675,700
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/zigman2/quotes/210599714/realtime
US : S&P US
4,112.50
+49.46 +1.22%
Volume: 2.16B
May 13, 2021 5:03p
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