“Very few of the many alternatives that are out there really rose to the level of being a legitimate threat to Peloton,” Hardiman said on “Closing Bell,” referencing survey work his firm conducted for a recent client note.
In that note Tuesday, Wedbush initiated coverage of Peloton with an outperform rating while placing a $37 price target on the stock. It represents a roughly 25% increase from where shares of Peloton closed Tuesday.
The stock was up around 2% on Wednesday, trading around $30. It notched an intraday high of…