The Ratings Game: Peloton’s stock downgraded amid ‘signs of accelerated return to gyms’

Peloton Interactive Inc. shares are down more than 90% from their January 2021 closing high, but Baird analyst Jonathan Komp still sees risk to the name.

His Tuesday downgrade of the stock balances his “still-positive long-term view of the Connected Fitness long-run penetration potential, [Peloton’s] status as industry leader, and turnaround progress behind CEO Barry McCarthy” alongside his “more cautious view of the environment.”

That…