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Despite recent bearish sentiment from analysts, Peloton Interactive Inc (NASDAQ:PTON) is a stock to own long-term, Pivotal Advisors' Tiffany McGhee said Thursday on CNBC's "Fast Money Halftime Report."
What Happened: UBS analyst Eric Sheridan reiterated a Sell rating on Peloton with a $74 price target.
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Wedbush analyst James Hardiman downgraded Peloton from Outperform to Neutral and lowered the price target from $130 to $115.
Related Link: Why This Peloton Analyst Is Pumping The Brakes
McGhee's Take: McGhee told CNBC that she isn't concerned with analyst price targets, rather she focuses on the direction of stocks.
There are still people who want to buy products from Peloton, she said, adding that when someone buys a Peloton product, they have to subscribe to the service. With only about 3% penetration of the market, the company has room to grow, she noted.
"At the end of the day, when it's raining outside, I don't want to go outside. I want to go upstairs and get on my Peloton," McGhee said.
PTON Price Action: Peloton has traded as high as $171.09 and as low as $58.23 over a 52-week period.
At last check Thursday, the stock was down 2.83% at $110.16.
Photo: courtesy of Peloton.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.