Shares of Peloton Interactive Inc. (PTON) are up 1% in Wednesday morning trading after Truist Securities analyst Youssef Squali raised his price target on the stock to $144 from $115. The new target is the highest listed on FactSet. "Shelter-in-place practices have created the perfect environment for greater adoption of home exercise equipment, and for Peloton (#1 sought-after brand) through a combination of high quality products/service, easy financing, greater brand awareness and a strong logistics platform," Squali wrote. A recent Truist survey found that more than half of respondents have canceled or plan to cancel gym memberships given the pandemic. More than half of those surveyed also said that they plan to exercise more often at home even after the COVID-19 crisis subsides. Bikes are gaining share among the equipment that people are purchasing for their homes, Squali said in his note to clients. He has a buy rating on the stock, which has gained 111% over the past three months as the S&P 500 [S: SPX] has gained about 10%.
-Emily Bary; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
October 14, 2020 10:45 ET (14:45 GMT)
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