Peloton price target lowered to $3.25 from $4 at BofA

BofA lowered the firm’s price target on Peloton to $3.25 from $4 and keeps an Underperform rating on the shares ahead of the company’s reports due before market open on May 2. The firm projects fiscal Q3 revenue and net Connected Fitness subs relatively inline with the Street view, but believes a return to sustained user growth, along with cost efficiencies and moving out debt maturities, would be required for a meaningful improvement in investor sentiment and share price.