Piper Jaffray Raises Price Target on Planet Fitness (PLNT) Following 3Q Upside
Piper Jaffray reiterated an Overweight rating on Planet Fitness (NYSE: PLNT), and raised the price target to $20.00 (from $19.00), following the company's 3Q earnings report. PLNT reported a nice upside to consensus revenues and earnings. The company raised sales and EPS above current consensus estimates for Q4.
Analyst Sean Naughton commented, "Earlier this evening, Planet Fitness reported its Q3 results and showed nice upside to
consensus revenues and earnings. In addition, the company passed through the upside to the full year and even raised sales and EPS above current consensus estimates for Q4. While members were down about 100k from Q2, this is normal seasonality for a gym operator and we believe the focus should remain on solid same store sales trends, improving mix of sales (i.e. higher margin), and high return on equity. Given the stronger than expected trends, we've raised our estimates and price target to $20 from $19."
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Shares of Planet Fitness closed at $15.03 yesterday.