Peloton Interactive Inc. stationary bicycles sit on display at the company’s showroom on Madison Avenue in New York, U.S., on Wednesday, Dec. 18, 2019.

Jeenah Moon | Bloomberg | Getty Images

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After Peloton’s eye-popping rally, which has seen shares rise 458% over the last year, all of the near-term upside is priced into the stock, Goldman Sachs said in a note to clients Wednesday afternoon.

The firm downgraded its rating on the exercise equipment maker to neutral from buy, pointing to the stock’s outperformance since it was added to Goldman’s “Americas Buy List” in Oct. 2019.

Shares of Peloton fell more than 3% in extended trading on Wednesday following the call.

Originally published at CNBC

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