Following a report of possible competition from Apple, Peloton’s stock plunged—but then quickly recovered—on Thursday, and Wall Street analysts remain confident that the exercise-bike company can maintain its lead in the virtual fitness space.
Many Wall Street analysts were unfazed by Apple’s announcement: “Investors are still confident in Peloton, as the stock’s recovery today shows,” says James Hardiman, managing director of equity research at Wedbush. Peloton’s “marriage of hardware and software” has been revolutionary, says Hardiman, adding that “unless Apple takes this a step further, I wouldn’t think that it would significantly slow the pace of growth at Peloton.”
Cowen analysts similarly wrote in a note on Thursday that Peloton has a “unique position as a leader” in virtual fitness, “given its vertically integrated platform and highly passionate, growing user base across Bike, Tread, and expected additional hardware offerings.” What’s more, consumers are likely to remain wary about returning to gyms for quite some time, Cowen analysts point out, meaning that Peloton’s popularity and subscription base amid the pandemic will continue to surge.“If Apple had announced they were coming out with a new ‘iBike,’ for example, Peloton’s stock would be down 20% today,” says Hardiman.
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