What happened Shares of Peloton Interactive (NASDAQ: PTON) continued their downward trend this week, losing 4.3% in value compared to where they closed last Friday, according to data from S&P Global Market Intelligence. But it could have been worse for the maker of connected fitness equipment. The stock had tumbled to as low as $8.56 per share midweek, a loss of almost 12%, but it has since been regaining ground, though shares are in the red again today. So what Oppenheimer analyst Brian Nagel told investors in a note last week that Peloton Interactive "morphed rapidly from promising tech unicorn to COVID-19 winner, to post-pandemic victim." It has yet to shed that latest iteration, which is what has caused its stock to lose 74% of its value this year and over 92% of its value from its all-time high. Still, Nagel is exceptionally bullish about Peloton's prospects, believing that if it is better run and exhibited more discipline, it could be a growth stock again. He assumed coverage on the connected fitness guru for Oppenheimer with an outperform rating and set a price target of $20 per share, $2 per share more than was previously assigned to the stock. Now what Nagel's price target is 115% above where Peloton currently trades, and 66% higher than the $12 target that Piper Sandler analyst Edward Yruma set upon initiating coverage the same day. But Nagel acknowledges his upbeat outlook is "longer term and highly speculative in nature." The market might just agree that Peloton's current price point as just too low despite the headwinds it faces. Still, it just might be too big of a leap for the shares to make in terms of what Nagel is looking for. 10 stocks we like better than Peloton InteractiveWhen our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Peloton Interactive wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of July 27, 2022 Rich Duprey has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Peloton Interactive. The Motley Fool has a disclosure policy.Source