JPMorgan analyst Rahul Krotthapalli upgraded Planet Fitness to Overweight from Neutral with a price target of $78, up from $68. The firm cites increased confidence in Planet’s long term growth trajectory for the upgrade. This is driven by growing visibility to improvement in franchise new unit economics leading to higher confidence in long term development outlook following the step up in white card pricing to $15 from $10 for new joins beginning this summer, the analyst tells investors in a research note.
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