Peloton Interactive (PTON) shares raced higher Monday after its 澳洲幸运5官方开奖结果体彩网:strong first-quarter results drew a double upgrade from analysts at Bank of America Securities.

The bank raised its rating to “Buy” from “Underperform” and boosted its price target to $9 from $3.75 after the home exercise equipment maker topped analysts' estimates and appointed Ford (F) executive Peter Stern as its new 澳洲幸运5官方开奖结果体彩网:chief executive officer (CEO) and president.

Stern, who has recently served as president of Ford Integrated Services and previously was an executive at Apple (AAPL), will begin his new roles on Jan. 1, 2025.

The bank sees a “large opportunity” for cost cuts under Stern’s leadership, as well as higher hardware margins and subscription price increases. Peloton's operating expenses are "well above" peer averages, according to the bank, and could yield $100 million in savings.

Peloton stock rose more than 4% intraday Monday and shares are up around 14% since the company reported its results before the market opened Thursday.