Raymond James analyst Aaron Kessler downgraded Peloton Interactive Inc. stock PTON,
to outperform on Friday’s market performance, following an earnings report showing the company continued strong demand for its exercise bike, but also continued delivery delays. Shares are down 7.5% during Friday morning trading. Kessler is concerned that demand for Peloton equipment could decline “ somewhat ” once socially distance restrictions diminish with further advances in vaccine distribution. While he still has a positive view of the company’s fundamentals over the long term, he argued that the stock looks reasonably valued with about 26 times its 2021 calendar gross profit expectations and 21 times its 2021 gross profit expectations. calendar 2022, from publication. of his note before trading began Friday. Peloton shares are up 23% in the past three months as the S&P 500 SPX,
is up 11%.