Planet Fitness initiated with a Hold at Deutsche Bank

Deutsche Bank analyst Chris Woronka initiated coverage of Planet Fitness with a Hold rating and $71 price target. The firm views the stock as a “consensus long” among both buy-side investors and sell-side analysts alike. The stock’s 85% one-year rally has resulted in a more than three point expansion in its forward year multiple, the analyst tells investors in a research note. Deutsche finds the recent stock action and current multiple “a bit curious” in light of the fact that Planet Fitness CEO Colleen Keating is less than four months into her tenure, and the company is also searching for a new CFO.