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Peloton (PTON) Stock Rises on New Tread Launch

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DiscoverGold Member Level  Tuesday, 08/24/21 11:25:34 AM
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Peloton (PTON) Stock Rises on New Tread Launch Following Recall
By: TheStreet | August 24, 2021

• Peloton says the new version of the Tread 'was built from the ground up.'

Peloton Interactive (PTON) jumped Tuesday after the connected fitness company said that a new version of its treadmill will be available in the U.S., Canada and the U.K. at the end of the month following a recall earlier this year.

Shares of the New York company, which is scheduled to release fiscal fourth-quarter earnings on Thursday, were rising 4.1% to $110.86 on Tuesday.

The new Peloton Tread will be available in the United States, Canada, and the U.K. on Aug. 30, and will be available in Germany in the fall.

The launch was initially scheduled for May 27, but was delayed as the company said it was working with the U.S. Consumer Product Safety Commission to build an extra layer of safety features, Reuters reported.

In May, Peloton announced a recall of its Tread+ treadmills following the death of a child. The regular Tread was recalled due to issues with the touchscreen detaching.

Peloton didn’t provide an update Tuesday on when sales of the Tread+ may resume.

The new Tread is priced at $2,495 and "was built from the ground up," the company said.

It includes a four-digit, digital passcode that each authorized user will need to enter to unlock the belt before a workout and a removable safety key to help a runner come to a quick stop in necessary.

Truist analyst Youssef Squali on Tuesday lowered his price target on Peloton to $130 from $140, while keeping a buy rating.

The company should report a stronger set of fourth-quarter results on further draw-down of backlog and normalization of delivery times, he said, but first-quarter guidance was likely to disappoint because of the delayed launch of Tread and the impact from reopening,

J.P. Morgan analyst Doug Anmuth cut his price target to $138 from $140 on Tuesday, while keeping an overweight rating.

While Peloton shares have rebounded from May lows, he said, they are still down 30% year to date.

Anmuth said he believes the shares "remain controversial" and that investor sentiment is mixed, with primary concerns tied to home fitness demand exiting the pandemic, broader rotation away from stay-at-home beneficiaries, and the delayed launch of Tread following the recent recall.

On Monday, Oppenheimer analyst Jason Helfstein slashed his price target for Peloton stock to $140 from $150 a share on concerns that third-party data suggest a slowdown in June/July product deliveries and connected-fitness subscriber growth.

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