Peloton’s value drops $9 billion

Peloton Interactive Inc shares slumped 33% on Friday, wiping off about $9 billion in market value.

At least 15 analysts lowered their price target on the Peloton stock after the company cut its annual sales forecast by up to $1 billion on Thursday.

Peloton had reported its slowest quarterly sales growth in over a year.

In a bid to tackle falling sales, the New York-based company outlined plans to boost marketing spend.

The home fitness leader’s shares were down 33% in early trade. They have lost 43% this year.

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