What happened Shares of Peloton (NASDAQ: PTON) are falling today, down by 6% as of 12:45 p.m. EST, despite getting some positive coverage from Wall Street. Many tech stocks that have enjoyed strong gains and are now trading at lofty valuation multiples are under broad pressure today. Argus reiterated a buy rating on Peloton shares while increasing its price target from $140 to $180. So what Analyst John Staszak was impressed by Peloton's fiscal second-quarter earnings release earlier this month, which topped expectations. One persistent question that has been rattling investors in recent months is whether the connected fitness technology company can sustain heightened demand as the COVID-19 pandemic slowly subsides. Peloton has clearly benefited from the consumer shift to exercising at home that was spurred by the public health crisis. Image source: Peloton. Staszak believes that Peloton will be just fine, writing in a research note to investors: Peloton is seeing surging demand as a result of the pandemic, which has led to increased time spent at home and raised concerns about the safety of public gyms. Even after a vaccine is more widely distributed, we expect consumers to return to gyms only gradually. This is likely to impact the traditional fitness market for an extended period. Now what Pointing to the momentum that Peloton is currently enjoying, combined with the addition of new products that address more price points, Staszak is raising his earnings estimates. The analyst now expects Peloton to post earnings per share in fiscal 2021 of $0.45, up from a prior estimate of $0.40. For fiscal 2022, Argus is now modeling for $0.90 per share in profits, up from $0.70. 10 stocks we like better than Peloton InteractiveWhen investing geniuses David and Tom Gardner have 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.* David and Tom 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 November 20, 2020 Evan Niu, CFA owns shares of Peloton Interactive. The Motley Fool owns shares of and recommends Peloton Interactive. The Motley Fool has a disclosure policy.Source