Peloton Stock Plunges Even Though 1 Analyst Believes It Can Double in Value
Shares of exercise company Peloton Interactive (NASDAQ: PTON) were down sharply on Friday even though one prominent analyst said the stock could double from where it trades right now. Typically a bold statement like that would be a positive catalyst for the share price. But as of 1:10 p.m. ET, Peloton stock was down 12%.
Oppenheimer analyst Brian Nagel offered his assessment of Peloton's business for the first time today. According to The Fly, Nagel believes that Peloton stock could hit $20 per share, representing roughly 100% upside from where it trades right now. He's hopeful that better management can turn the company around, although he admits that this bullish call is still pretty speculative.
Piper Sandler analyst Edward Yruma is less optimistic. The analyst also released thoughts on Peloton today, giving it a neutral rating and a price target of $12 per share. That said, this still suggests 20% upside, which is potentially market-beating over a one-year timespan.
Source Fool.com
