Peloton price target lowered to $4.50 from $6 at Macquarie

Macquarie analyst Paul Golding lowered the firm’s price target on Peloton to $4.50 from $6 and keeps a Neutral rating on the shares. The company reported mixed fiscal Q2 results with some beats and sequential improvement in Connected Fitness subscribers, but a worse free cash flow outlook, the analyst tells investors in a research note. The firm says the company Peloton also cut its fiscal 2024 revenue outlook and delated the timeline for flipping free cash flow to positive. The guidance suggests the company’s turnaround is “still elusive,” contends Macquarie.