Peloton downgraded to Market Perform from Outperform at Bernstein

Bernstein downgraded Peloton to Market Perform from Outperform with a price target of $3.80, down from $8. New management, cost cuts and looming debt concerns suggest that growth is not a priority for the company in the short-term, “with no clear plan or timeline for when it will be,” the analyst tells investors in a research note. “It’s been a long and arduous ride, but it’s time to clip out,” says the firm. It reduced growth assumptions following the Q1 report and says that after two years into Peloton’s turnaround, growth has remained elusive.