Shares of Peloton Interactive (NASDAQ: PTON) rose 6.5% on Wednesday after a series of price increases on analysts’ prices.
On Tuesday, Peloton announced a new treadmill at lower prices, designed to attract even more people to the bubble company associated with fitness, a subscriber base. Peloton has also reduced the cost of its existing exercise bike and debuted a higher-priced model with additional features aimed at providing customers with a full-body workout.
In a press release, CEO John Foley said:
Our goal is to be the home fitness solution for as many people as possible, and with the launch of this new product we will be able to offer access to best-in-class Peloton fitness content at different price points, depending on what consumers are looking for. , especially in a world where people are increasingly training at home.
Wall Street liked what he heard. On Wednesday, analysts from Goldman Sachs,, Bank of Americaand Wedbush raised their Peloton share price forecasts. Goldman Sachs analyst Heath Terry, who set a $ 110 price tag for Peloton shares, expects these new products and price cuts to boost the company’s growth next year.
Peloton is due to release its financial results for the fourth quarter on Thursday, September 10th. Investors can join the earnings call at 5:00 PM EDT the same day to hear more from the company’s management team about their new product strategy.