Goldman Sachs analyst Heath Terry raised the firm's price target on Peloton (PTON) to $96 from $84 and keeps a Buy rating on the shares, citing his view that expectations for Peloton's growth and profitability are still "far too low," both in the near and long term.
The company's doubling of production and weeks long order backlog that has persisted through the pandemic, all without any material marketing spend, isn't simply a pull forward, but represents an acceleration and steepening of the adoption curve in a fitness landscape that has fundamentally altered, argues Terry, who has raised his Peloton estimate ahead of the company's Q4 report due on September 10.
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