Planet Fitness CEO change ‘positive strategically despite risks,’ says Piper

Piper Sandler analyst Korinne Wolfmeyer lowered the firm’s price target on Planet Fitness to $66 from $78 and keeps an Overweight rating on the shares, stating that the firm was surprised by the rapid change in management that the company announced today with the immediate departure of current CEO Chris Rondeau. The firm feels more comfortable after speaking with management and appreciates management’s and the board’s focus on scaling the business internationally and deploying more effective marketing to support the growth trajectory, says the analyst, who views the change at the top as “positive strategically despite risks.”