UPDATE: Stifel Upgrades Planet Fitness (PLNT) to Buy
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Stifel analyst Chris O'Cull upgraded Planet Fitness (NYSE: PLNT) from Hold to Buy with a price target of $85.00 (from $82.00).
The analyst comments "Our recently published note (PLNT: Could Franchisees Squeeze Out More Development Reps Than Expected?) argued that franchisees were recovering financially and would likely open more units in 2022/2023 than current Street estimates. Since that report, we evaluated various data sources to determine how many gyms that domestic franchisees have opened year-to-date. As of last week, we estimate Planet Fitness is operating roughly 2,185-2,195 locations (globally), which compares to the Street mean estimate of 2,166 locations for 2Q and 2,188 locations for 3Q. Based on this new data, we believe higher-than-expected unit openings could be a catalyst for shares, so we upgrade PLNT to Buy."
Shares of Planet Fitness closed at $74.37 yesterday.
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