Shares of New York-based exercise equipment and media company Peloton Interactive (PTON) surged 9.8% to close at $107.8 on Thursday after the company announced the launch of its apparel brand, Peloton Apparel. Shares were up another 0.8%, at the time of writing, in early trade on Friday.
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Headquartered in New York, Peloton offers interactive fitness products like the Peloton Tread and the Peloton Bike for on-demand and live classes. (See Peloton stock chart on TipRanks)
Peloton Apparel’s debut range for fall 2021 is available online and in a few of the company’s stores across the world. The collection includes women’s, men’s and gender-neutral styles and accessories.
The pieces in the Fall 2021 collection are made from Peloton Essential Fabric, Peloton Move Mission Fabric, Peloton Lite Lines Fabric and Peloton Cadent Fabric.
Last month, Citigroup analyst Jason Bazinet initiated coverage on the stock with a Neutral rating and a price target of $105 (1.9% downside potential).
In a research note to investors, the analyst said, “Peloton has an attractive business model and may have many years of growth ahead, but COVID-19 may have caused an acceleration in growth. Moderating growth is possible as COVID-19 fades and Street estimates have extrapolated recent strength for the next few years.”
Overall, the stock has a Moderate Buy consensus rating based on 17 Buys, 4 Holds and 1 Sell. The average Peloton Interactive price target of $131.55 implies 22.9% upside potential. Shares of the company have gained 23.4% over the past year.
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