Macquarie analyst Paul Golding raised the firm’s price target on Peloton (PTON) to $9 from $4.90 and keeps a Neutral rating on the shares after the company reported quarterly results. The Q1 beat was driven by revenue and margin, and the company expects positive free cash flow for all remaining quarters, which will support the continued focus on deleveraging, the analyst tells investors in a research note. The firm added that it raised its price target on higher earnings and with the print giving added evidence of a sustained path to profitability, now based solely on equity value/EBITDA.

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