1455 ET - Consumers are increasingly picking up dumbbells and hitting the gym over straight cardio, a shift that will continue weighing on Peloton, Morgan Stanley analysts say in a note. "These run counter to PTON's core value proposition of at-home cardio-first machines, which we believe will be a sustained headwind to subscriber additions," the analysts say. The analysts don't see Peloton easily shifting these headwinds in its favor given connected strength machines are niche. And although Peloton does offer strength and bootcamp classes, they aren't the main reason people pay up for its bikes or treadmills, the analysts say. "We expect pressure on PTON's sub base to be durable. Consensus disagrees, modeling a stark inflection," they say, forecasting negative estimate revisions ahead. They downgrade the stock to underweight from equal weight and lower their price target to $4.50 from $5.