Peloton Interactive: Back in the Saddle: Peloton Pedals Into Positive Growth

研报英文原文证据摘录

Peloton Interactive: Back in the Saddle: Peloton Pedals Into Positive Growth

Deutsche Bank

Research

Rating Company Date

Buy Peloton Interactive 17 May 2026

North America Reuters Bloomberg Rating Buy

United States PTON.OQ PTON US Price target (USD) 8.00 Price at 15 May 26 5.29

52-week range 9.00 – 3.71

TMT

Internet Valuation & Risks

Back in the Saddle: Peloton Pedals Into

Positive Growth KunalResearchMadhukar,Analyst CFA

+1-212-250-9357

Overall, in our view, F3Q26 results came in materially better than expected on

Benjamin Black, CFA both top line and FCF. However, given gross adds continue to be a key concern, Research Analyst

we think it may still be too soon in the turnaround plan to materially improve +1-212-250-9218

investor sentiment. That said, with churn moderating and the company

expanding monetization -- both internally, via higher subscription prices, and Benjamin Hui, Esq.

Research Associate externally through the high-margin SPOT distribution deal -- we continue to

+1-212-250-2064

believe there is potential for significant long-term upside from both estimate

revisions and multiple expansion as the new strategy plays through. We are Jeff Seiner, CFA

raising our estimates modestly; we reiterate our Buy rating and PT of $8, that is Research Associate

based on 8x our FY27E Adjusted EBITDA (unchanged). +1-212-250-8153

3Q FY26 results delivered a clean beat on revenue and FCF with material balance Raymond Wong

Research Associate sheet improvement. PTON reported Q3 FY26 Total Revenue of $631mn, up 1% +1-212-250-2060

y/y, materially above the $605-$625 guide and DBe/Street at $615/$617mn,

driven by outperformance in Connected Fitness equipment sales across both

Peloton and Precor brands. Both segment revenue beat our/Street ests;