Shares of Peloton Interactive Inc. (PTON) soared 13.6% in premarket trading Friday, putting them on track to open in record territory, after the the at-home fitness company reported better-than-expected fiscal fourth-quarter results ( ), including the first quarterly profit since going public a year ago. That prompted no less than 13 of the 26 analysts surveyed by FactSet to raise their stock price targets to boost the average target to $95.83, which is 48% above the average target of $64.58 at the end of August. J.P. Morgan analyst Doug Anmuth lifted his target to $125 from $105 while reiterating his overweight rating, saying he's even "more confident" in Peloton's positioning for the coming years, as elevated near-term demand, a lower-priced Bike and its Bike+ product, as well as the accelerating shift to in-home fitness, "significantly increases [Peloton's] addressable market." Stifel Nicolaus's Scott Devitt raised his target to $120 from $72 and kept his rating at buy, saying the company was a "pre-to-post pandemic secular growth story, as it is building the world's first global fitness platform. The stock, which is on track to open above Thursday's record intraday high of $98.61, has tripled (up 209.0%) year to date through Thursday, while the S&P 500 has gained 3.4%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
September 11, 2020 07:42 ET (11:42 GMT)
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