JPMorgan analyst Rahul Krotthapalli downgraded Planet Fitness to Neutral from Overweight with a price target of $52, down from $70. The analyst says the removal of Chris Rondeau, the “heart and soul of the company,” was clearly a surprise. The leadership change and ongoing systemic challenges set the stage for a new growth era at Planet Fitness, the analyst tells investors in a research note. The firm now models a reduction in store growth from a previous 2,880 exiting fiscal 2025 to 2,860 from a current 2,472, including cutting equipment margins in half from 25% to 12.5%.
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