Cowen Remains Bullish on Planet Fitness (PLNT) Following 2Q EPS Beat
Cowen reiterated an Outperform rating and $21.00 price target on Planet Fitness (NYSE: PLNT) following the company's 2Q15 earnings report. PLNT reported adjusted EPS of $0.13, ahead of consensus estimates of $0.12. FY15 revenue guidance of +12-13% implies a significant slowdown in revenue growth in 2H relative to the 30% growth achieved in 1H15.
Analyst Jerry Gray commented, "PLNT beat Q2:15 sales and EPS estimates, driven by strength across all operating segments. Second half guidance, which implies a modest slowdown in top-line growth, looks conservative given continued momentum into 2H and potential for continued share gains. We reiterate our $21 price target and would remain buyers of PLNT with shares trading at a 6% FY16 cash flow yield."
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Shares of Planet Fitness closed at $18.50 yesterday.