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Updated Jan. 26, 2022 2:44 pm ET / Original Jan. 26, 2022 2:43 pm ET

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Peloton Interactive stock had a down Wednesday after an analyst with a bullish rating slashed his price target.

Baird analyst Jonathan Komp kept his Outperform rating on shares of Peloton (ticker: PTON) but dropped his price target to $40 from $70 in a note he sent to clients after Tuesday’s closing bell. He lowered his expectation for new subscribers, citing reports by CNBC and Business Insider that the company is cutting production because of waning demand.