In a report released yesterday, Brian McNamara from Canaccord Genuity maintained a Buy rating on Planet Fitness (PLNT – Research Report), with a price target of $120.00.
Brian McNamara’s rating is based on several compelling factors that suggest a positive outlook for Planet Fitness. The company’s strong market position is evident from its impressive membership growth and expansion strategy. Planet Fitness has consistently demonstrated its ability to attract a large number of members per location, averaging around 7,500, which is a testament to its effective business model and brand appeal.
Furthermore, Planet Fitness’s new club openings show a robust ramp-up in membership, with significant growth in the first year and continued positive momentum in subsequent years. This growth trajectory is supported by the company’s strategic initiatives and innovative offerings, which enhance its competitive advantage in the fitness industry. These factors collectively contribute to McNamara’s confidence in the stock’s potential, leading to his Buy rating.
McNamara covers the Consumer Cyclical sector, focusing on stocks such as Yeti Holdings, Rollins, and Holley. According to TipRanks, McNamara has an average return of -6.9% and a 42.13% success rate on recommended stocks.
In another report released on April 15, Piper Sandler also reiterated a Buy rating on the stock with a $115.00 price target.