JPMorgan analyst Doug Anmuth raised the firm's price target on Peloton to $19 from $13 and keeps an Overweight rating on the shares. The analyst come away from the fiscal Q2 earnings report incrementally positive on Peloton based on the rationalized cost base and improving free cash flow loss, as well as better than expected connected fitness subscriber growth. With the cost base now more variable, Peloton is shifting focus toward restoring revenue growth while balancing the company's goal for sustained free cash flow generation, the analyst tells investors in a research note.