Shares of Peloton Interactive Inc. fell 6.3% to $9.62 Friday after UBS cut its price target for the maker of bikes and treadmills because of lower sales and a subdued profitability outlook.

Analyst Arpine Kocharyan said in a note that Peloton's lower revenue run rate and limited cost cutting were cause for a new price target of $8 a share from the prior target of $13 a share. The company previously announced an initiative to cut $800 million in costs, and Ms. Kocharyan said the company is tracking around $500 million in operating expense savings. The remaining $300 in savings, targeted under costs of goods sold, could take longer to achieve, given rightsizing of supply chain and inventory backlog.

Peloton posted losses of more than $1.2 billion in the most-recent quarter as revenue plunged, and the company warned it would spend more cash than it brings in for several more months.

Shares traded 73% lower for the year.

Write to Kathryn Hardison at kathryn.hardison@wsj.com

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