Peloton shares dip as Deutsche Bank downgrades stock on lack of growth clarity
) to Hold from Buy, lowering the price target for the stock to $4 from $13 per share in a note Tuesday.
"While we remain bullish on Peloton having a large TAM ahead of it that can support accelerative growth, particularly given the incremental growth drivers from the App, Commercial business, new modalities/hardware, and growing partnerships, the confidence in underwriting the success of these growth drivers in the medium term is challenging," said the investment bank.
The firm noted that the connected fitness equipment company's recent earnings results were mixed with revenue, gross profit, and EBITDA ahead of expectations and subscriber metrics coming in light.
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