Peloton Stock Has Tumbled. Here’s Why Morgan Stanley Isn’t Bullish.

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Peloton Interactive stock has dropped more than 40% year to date. Morgan Stanley thinks investors are wise to stick to the sidelines.

Analyst Lauren Schenk initiated coverage of Peloton (ticker: PTON) with an Equal Weight rating on Monday, writing that while she does “lean bullish, with 50% upside to our $32 price target,” there’s a lack of visibility near term on the shares. That, combined with a “wide range of potential outcomes” for her bullish and bearish scenarios, leads her to be neutral on the stock.