Some analysts’ wheels are turning again about the outlook for Peloton Interactive (PTON).

Analysts with Truist on Monday upgraded the U.S.-based exercise equipment company’s stock to “buy” from “hold,” according to a research note from the bank.

Truist analysts said they believe 澳洲幸运5官方开奖结果体彩网:Peloton’s stock “is finally nearing a point where the company’s improving fundamentals should support a gradual recovery of its equity.൲” The bank set its price target for Peloton at $11 a share, while the average target among 10 brokers who cover Peloton is about $10.20, according to Visible Alpha.

Truist said it downgraded Peloton three years ago to 澳洲幸运5官方开奖结果体彩网:“hold” from “buy” after a boom for the company during the pandemic and a subsequent stock🧸-price plunge of about 98% to $3.30 by April 2024 from its peak of above $167 a share in January of 2021.

New 𒀰CEO Seeks To Deliver on Profitability Targets

But analysts believe the company may be pedaling toward recovery, as 澳洲幸运5官方开奖结果体彩网:new CEO Peter Stern has set his sights on delivering on 2025 fiscal-year profitability targets, then, as Truist sees it, will focus on revenue growth starting the next year, s🗹omething an🌳alysts say will be a "positive catalyst" for the stock.

“We met with the company recenꦡtly and walked away encouraged,” the Truist note said.

Shares of Peloton are up more than 3% Monday afternoon at $6.49 and have more than doubled in the last 12 months. Peloton is expected to report its fiscal third-quarter earnings on May 8.