Macquarie analysts downgraded Peloton Interactive (NASDAQ:PTON) shares to Neutral with a price target of $7.00 per share.
“Hardware may have shown positive signs in recent weeks, but volatility is now the norm,” analysts said in a downgrade report.
This marks the 3rd downgrade since Peloton reported earnings last week after both Bank of America and Needham & Company slashed their ratings on the stock, citing weak results.
Peloton sees Q1 revenue between $580-600 million, while analysts were looking for a number closer to $650M.
“Surprises continue, and the relationship with consumers, retailers, and investors is further in view with disruptions, which could affect take-out likelihood. While a turnaround could still happen, the continued volatility has made it too difficult to project,” analysts added.
Shares are down 23.4% year-to-date.