Macquarie reiterated an Outperform rating and $77 price target on Planet Fitness after the company announced that CEO Chris Rondeau has stepped down. The firm noted that there is uncertainty around Planet Fitness despite the company’s reassurance, as shares were down during the session given the broader context for the company’s growth. Macquarie wonders if this management pivot might stem form any board view on how messaging of the slowdown was managed, or a feeling that the direction of the corporate footprint vs. franchising has taken the company a bit off course in terms of the operating model.
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