Shares of Peloton Interactive Inc. PTON,
fell 0.7% in afternoon trading, after rising 2.1% on Thursday, as BofA securities analyst Justin Post reiterated its bullish stance on the home equity firm, assuring investors not to be too worried about a Bloomberg report like Apple Inc. AAPL,
planned to launch a competing fitness app. “We believe Apple̵
7;s new fitness app may compete with Peloton’s only single subscription offer (although we expect first class selection and libraries to be inferior), but will have a limited impact on Peloton’s affiliated fitness base using Peloton’s bike or treadmill,” he said. Post wrote in a note to customers. “We note that Peloton’s revenue from digital subscriptions was only 1% of total revenue from [fiscal]3Q, with the largest value of digital subscribers as a potential conversion to connected fitness subscribers. “He kept his buy rating and his stock price target of $ 72, which is 10.4% above today’s levels. On Thursday, after the Bloomberg report came out, the stock initially fell as much as 2.9% intraday before bouncing to On Friday, the stock was up as much as 3.1% earlier in the session, before the price reversed.The stock has more than doubled (up 129.7%) years so far, while the S&P 500 SPX,
has thanked 4.5%.