Planet Fitness price target lowered to $77 from $85 at Macquarie

Macquarie lowered the firm’s price target on Planet Fitness to $77 from $85 and keeps an Outperform rating on the shares after the company delivered what the firm calls “mixed” Q2 results. The firm’s lower target reflects reduced medium-term new unit expectations and a 5-turn cut to its franchise segment multiple, but Macquarie argues shares are “quality worth buying still” given strong management and members that “impress” despite the macro backdrop “putting a lid on new units for now.”