Blackwells Capital Activist Presentation Deck
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THE MARKET REMAINS SKEPTICAL OF A STANDALONE PELOTON
BMO
"Our first take of the call is that, unfortunately, it didn't feel
like much was different. John Foley as Executive Chairman
appeared to hold as much court on the call as John Foley
CEO.... Chasing the goal of growth while just beginning
to restructure appears potentially counter-productive."
BMO Equity Research, February 8, 2022
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Morgan Stanley
"We lack visibility and thus conviction in the
medium-term outlook as we await more detail around
new CEO Barry McCarthy's go forward strategy,
including equipment pricing changes, subscription
pricing, and the evolution of the content platform..."
Morgan Stanley Equity Research, March 14, 2022
BLACKWELLS CAPITAL
Note: Permission to use quotes neither sought nor obtained. Emphasis added.
WEDBUSH
"If Peloton tries to go alone ahead, not sell, there are
cautionary tales of troubled consumer products in cost
cutting mode that have been down this path with Fitbit and
GoPro coming to mind in darker stories."
Wedbush Equity Research, February 8, 2022
COWEN
"Uncertainty exists given Peloton's hardware price
increase, reduced marketing budget for FY2H22, and
staffing reorganization while we note consumer demand
has yet to stabilize."
Cowen Equity Research, February 8, 2022
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