Jefferies Raises Price Target on Planet Fitness (PLNT) Following Solid 3Q
Jefferies reiterated a Buy rating on Planet Fitness (NYSE: PLNT), and raised the price target to $27.00 (from $26.00), following the company's 3Q earnings report. PLNT reported system-wide comps of +10.0%, ahead of consensus of 7.2%.
Analyst Randal Konik commented, "PLNT posted a solid 3Q'16 with a beat on the top-line (10.0% SSS vs. cons. 7.2%) and bottom-line ($0.16 vs. cons. $0.14). We are encouraged by mgmt's raised guidance (revs and EPS) and contemplated spec. dividend. Reiterate Buy. Tweaking PT up to $27."
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Shares of Planet Fitness closed at $20.32 yesterday.