Argus downgrades Peloton to Hold on ‘fierce’ competition

As previously reported, Argus downgraded Peloton (PTON) to Hold from Buy without a price target The firm says “fierce competition” from both gyms and other in-home fitness companies have led to fewer subscriptions at Peloton since the end of the pandemic. This trend will likely continue, the analyst tells investors in a research note. Argus does believes Peloton will regain its position as a leader in the in-home fitness industry. In addition, the company’s online cycling classes, “once very popular, seem to have lost some of their appeal,” contends the firm. The stock in early trading is down 1% to $4.37.