Planet Fitness price target lowered to $78 from $86 at RBC Capital

RBC Capital analyst Christopher Carril lowered the firm’s price target on Planet Fitness to $78 from $86 but keeps an Outperform rating on the shares. The company’s Q2 results were generally solid, but shares traded lower on the back of the management’s reduced 2023 new store opening outlook, which is now 140 franchised openings vs. 160 prior, and while this was to some degree expected given recent development headwinds, the growing risk to the medium-term outlook could limit upside to shares, the analyst tells investors in a research note.