(Bloomberg) — Peloton Interactive Inc. climbed to near all-time highs after Evercore ISI analysts said that gym goers are unlikely to return to in-person fitness routines once economies begin to open.
Shares of the interactive exercise company have rallied 71% this year and are up 170% from their March lows as nationwide stay-at-home orders forced people to alter their work-out routines. In May, the company reported third-quarter revenue jumped 66% and raised its outlook for full-year sales and connected-fitness subscribers.
Early digital data from states including Texas, Georgia, Florida and Ohio that have begun to reopen gyms suggests people remain reluctant to return, even when they are allowed to, according to analysts led by Lee Horowitz. In states where gyms have opened, total unique desktop visits for popular boutique fitness studios such as Barry’s Bootcamp and SoulCycle are down 20% to 50% from pre-Covid-19 levels, they said.
Shares of Peloton