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Dec 10, 2019

Peloton falls after Citron sets US$5 target on rising competition

We could be profitable tomorrow if we wanted to be: Peloton president

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Peloton shares declined as much a 7.6 per cent after Citron Research said it sees the stock falling to US$5 per share in 2020, down from its price above US$30 currently.

-Citron cited increasing competition, and notes the company’s hardware hasn’t meaningfully changed since its exercise bike was introduced in 2014, while newer players have had added unique screen options

-The report also says the subscription strategy allows users to take advantage of Peloton’s class network without buying their branded bike, while its exclusive leaderboard rankings are used by a limited number of riders

-“While Peloton has enjoyed a first mover advantage, the lack of differentiation of its bike has finally caught up to it as the competition is not only making virtually identical exercise bikes but ones that are both more affordable and functional,” Citron said in the report.

-Peloton has 19 buys, 1 hold no sells, average price target US$33: Bloomberg data

-The stock has gained 11 per cent since its September IPO