Peloton Bikes

Shares of Peloton (PTON) cycled lower Monday, even after a vote of confidence from several analysts who have launched coverage of the home-exercise company with buy recommendations.

Peloton's stock dropped 4.7% to $22.42, even as 15 different analysts initiated coverage of the company with buy-equivalent ratings as the company's post-IPO quiet period ended, Bloomberg reports. The New York company went public last month,

Analysts at a range of brokerage and financial services giants are urging investors to snap up shares of Peloton, including J.P. Morgan, SunTrust, Raymond James, Needham, Stifel, Oppenheimer, Evercore ISI, Canaccord, Barclays and UBS.

Price targets on Peloton range $29 to $35 a share.

Still, the maker of spinning bikes and treadmills, which feature touch screens that are connected to the internet, had a disappointing debut as a public company.

Peloton's stock closed its first day at $25.76 a share, 11% below its $29-a-share IPO price.

Analysts foresee a brighter picture. Cowen's John Blackledge contends the company has already established itself as a leader in the fitness sector with its "popular bike and dynamic live-streamed classes."

Stifel analyst Scott Devitt has one of the highest price targets on Peloton -- $35. Devitt projects breakaway growth for the firm in the U.S. and in international markets over the next five years, according to Bloomberg.

In particular, Peloton could hit 3.5 million subscribers over the next five years, nearly seven times the current 511,000, Devitt wrote.

Peloton is one of a number of recent IPOs that recently have lagged expectations, amid fears that a recession could cut into consumer spending, especially for pricier products. Peloton's exercise bike and "Basics Package" retails at $2,245.