Wolfe places 2 stocks on its Tactical Outperform List

Investing.com -- Wolfe Research has added 2 new stocks to its Tactical Outperform list, citing a favourable near-term earnings setup for both companies.

Peloton Interactive and Snap are the stocks in question.

For Peloton, analyst Shweta Khajuria wrote that Wolfe sees the stock as “a near-term Long as FQ2 and FQ3 setup looks friendly and we believe the Street is under-appreciating PTON’s ability to deliver FY’26 EBITDA upside beyond the company’s guidance range.”

Wolfe said it is “10% above the Street” on FY 2026 EBITDA, forecasting $503 million versus company guidance of $425 million to $475 million.

Wolfe highlighted G&A cost reductions and gross margin expansion as key contributors to expected improvement.

“PTON shares are trading at 6x our FY’26 EBITDA estimate, and we view this risk/reward as attractive against this upside,” the note said. The firm added that despite EBITDA estimates being revised “up by over 80% in FY’25 and FY’26,” the stock’s multiple has “de-rated by ~40%.”

On Snap, Wolfe issued a tactical outperform call, also stating, “We see SNAP as a near-term Long as Q4:25 and Q1:26 EPS setup looks friendly.”

The firm added that it is “13% above the Street’s $1.036B EBITDA estimate” for FY 2026, pointing to infrastructure cost savings and benefits from the company’s partnership with Perplexity.

Wolfe noted that Snap’s shares trade at “13x our FY’26 EBITDA estimate,” calling the valuation appealing relative to expected earnings momentum.

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