Peloton price target raised to $17 from $12 at Piper Sandler

Piper Sandler analyst Edward Yruma raised the firm’s price target on Peloton to $17 from $12 and keeps a Neutral rating on the shares post the Q2 results. The company’s efforts to retool the business is driving a significant reduction in cash burn and its subscriber churn remains low at 1.1%, the analyst tells investors in a research note. However, the critical question centers around medium- and long-term device demand, says Piper. It views the stock’s valuation as fair.