Peloton Interactive Inc. picked up rare buy rating Monday as Bank of America Corp. upgraded the fitness company by two notches, touting its profit outlook and a positive view of its new chief executive.
Analyst Curtis Nagle highlighted that Peloton reportedBloomberg Terminal fiscal first-quarter adjusted Ebitda well above Wall Street expectations last week and boosted its annual forecast for the metric to between $240 million and $290 million. He anticipates Peloton can top $300 million in adjusted Ebitda this year and $400 million over the next few years as it continues to cut costs.