Even after surging nearly 60% so far in 2020, shares of Peloton Interactive (NASDAQ:PTON) could rise another 33% in the coming months.

So says SunTrust Robinson Humphrey analyst Youssef Squali. Squali reiterated his buy rating and boosted his target price for Peloton's stock to $60 per share, up from $52, on Tuesday. Squali says Peloton is benefiting as more people choose to exercise at home during the coronavirus pandemic, rather than at crowded gyms or in group fitness classes.

A woman is exercising while watching a workout class on a Peloton connected exercise bike.

People are using Peloton's connected exercise equipment to work out in the comfort of their own homes during the COVID-19 crisis. Image source: Peloton Interactive.

Peloton's recent results support Squali's claims. Peloton saw a 94% surge in connected fitness subscribers, to more than 886,100, and a 64% jump in paid digital subscribers, to over 176,600, in the third quarter. 

Peloton's connected fitness subscriptions provide unlimited access to its live and on-demand classes, which can be accessed via the company's exercise bikes and treadmills. Its paid digital subscriptions, meanwhile, offer access to its classes via a stand-alone app that can be viewed on mobile devices and connected TVs. 

Squali says demand for Peloton's exercise equipment and digital subscriptions will remain high going into 2021. He also believes that the company is being too conservative with its forward guidance -- and that Peloton's subscription revenue will likely exceed management's estimates.