Peloton initiated with Sector Weight on near-term pressures at KeyBanc

KeyBanc analyst Noah Zatzkin initiated coverage of Peloton with a Sector Weight rating and no price target. The company has addressed near-term going concern debates with actions taken by the new management, the analyst tells investors in a research note. However, the firm thinks the "concoction of a macro turbulence, financial distress, and unproven/margin dilutive initiatives" pressures the near-term growth rate of Peloton’s subscriber base and the uniqueness of the brand.