UPDATE: Stifel Upgrades Planet Fitness (PLNT) to Buy

August 3, 2021 4:00 AM EDT
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Price: $80.35 -0.17%

Rating Summary:
    13 Buy, 7 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 10 | Down: 12 | New: 30
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(Updated - August 3, 2021 4:26 AM EDT)

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."

For an analyst ratings summary and ratings history on Planet Fitness click here. For more ratings news on Planet Fitness click here.

Shares of Planet Fitness closed at $74.37 yesterday.

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