Peloton Interactive (NASDAQ:PTON) is undertaking another series of job cuts that would see its workforce shrink by about 12%, according to the Wall Street Journal.
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This will be the fourth headcount reduction for the company so far this year and CEO Barry McCarthy noted Peloton has about six months to get back on track or its viability could be in jeopardy.
Nonetheless, the CEO believes Peloton can succeed and that its short-term growth targets are reachable.
What Is the Target Price for PTON?
Peloton stock has now dropped nearly 66.3% over the last six months and short interest is running high at ~11.5%.
The company has an uphill climb toward growth ahead of it and the Street remains cautiously optimistic with a Moderate Buy consensus rating based on 12 Buys, eight Holds, and two Sells.
The average price target of $15.94 though, still indicates an 89.54% potential upside for the stock.
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