Peloton (NASDAQ:PTON) shares were trading higher on Thursday as investors weigh increasing U.S. coronavirus cases.
The surge in cases could lead to gym closings and social distancing measures, providing a tailwind for home fitness platforms.
Raymond James reinstated an Outperform rating on the stock Thursday and announced a $65 price target.
Peloton is an exercise equipment and media company that was founded in 2012 and launched with help from a Kickstarter funding campaign in 2013.
Peloton shares were trading up 2.32% at $56.84 at the time of publication.
The stock has a 52-week high of $58 and a 52-week low of $17.70.
Photo courtesy of Peloton.