PTON - Peloton Is Not A Super-Growth Stock Anymore And Should Not Be Priced As Such

• Peloton's management has a lot on its plate: slowing growth, deep red numbers, Tread+ recall, dwindling cash reserves and lost stock market trust.
• We don't believe the management could focus on all things at once. Raising additional cash and managing cash burn are given priority right now, the first being detrimental to shareholders.
• We expect Peloton to grow at low double digits in the coming years and optimistically assume the company reaching 20% EBIT margin in 2028.
• Even with these assumptions, PTON's stock is not worth more than $33/share.

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