Peloton Interactive Inc (NASDAQ:PTON) shares are trading higher by 9.75% at $22.17 after Bernstein initiated coverage on the stock with an Outperform rating and a $40 price target.

The stock may also be seeing some upward movement amid overall market strength following US PPI data. USA PPI month-over-month for Feb was 0.800% vs the 0.900% consensus estimate, which helped ease some inflation concerns. US equities have been volatile this week as investors await Wednesday’s Fed decision. 

Poloton has a 52-week low of $20.11 and a 52-week high of $129.70. 

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Peloton Interactive operates an interactive fitness platform.