Planet Fitness price target lowered to $72 from $75 at JPMorgan

JPMorgan analyst Rahul Krotthapalli lowered the firm’s price target on Planet Fitness to $72 from $75 and keeps a Neutral rating on the shares. The analyst says the previously announced transformational initiatives around the brand’s core strategy and unit level economics are beginning to come into view. These include various levels of market-specific as opposed to national pricing tests, different strategies around local and national marketing and more use of flexible real estate options to adjust to the current tight market, the analyst tells investors in a research note. However, the firm notes Planet Fitness’ softer fiscal 2024 comp outlook was combined with more negativity around short- and medium-term real estate availability.