Evercore ISI lowered the firm’s price target on Peloton (PTON) to $6 from $7 and keeps an In Line rating on the shares. In addition to updating its fitness tracker, the firm is “modestly revising” its revenue and EBITDA estimates. For FY24, Evercore sees “some downside risk” to the Street’s Paid Connected Fitness net adds and Connected Fitness Product revenue forecast, but sees “modest upside” to the Street’s Subscription Revenue and EBITDA estimates as the firm doesn’t believe Street estimates currently include the impact of the Lululemon (LULU) partnership.
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