Weighing on Peloton’s sales growth are slowing subscriber acquisitions. The company might dissapoint when it reports second-quarter results.
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For the full year, Anmuth sees sales amounting to $4.2 billion, down from a prior forecast of $4.6 billion. He expects Peloton's subscriber base to grow 42% year over year, down from an earlier estimate of 47%. That's a marked deceleration from prior years. In 2021, Peloton grew subscribers by 114%. In 2020, that base increased 113%.
Growth isn't coming as easy for Peloton as it did at the onset of the pandemic, when the company's stock was also the ultimate stay-at-home play. Investors see it being challenged by competition from other at-home fitness options and gym chains such asand New York City-based Equinox. This has forced Peloton to spend more to acquire new customers.
Analysts who cover the company expect the stock to bounce back. The stock's average price target is $72.42, according to FactSet. BMO Capital Markets analyst Simeon Siegel has the lowest target of the group, at $45. But that's still above where shares are trading currently. "When Peloton provided guidance, we believe the company was assuming a return to stronger seasonality in the December quarter following the slower summer seasonality," said Kessler in a note to clients.
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