BofA raised the firm’s price target on Peloton (PTON) to $11.50 from $10 and keeps a Buy rating on the shares after the company reported quarterly results. Q2 marked a strong first quarter for CEO Peter Stern, as the company continues to overdeliver on earnings, lower net leverage, and is showing solid progress on churn, engagement, and new verticals, the analyst tells investors in a research note. The firm expects a strategy on new member growth to be outlined in coming quarters, which could be a catalyst for shares.
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