Planet Fitness price target lowered to $80 from $85 at Stifel

Stifel analyst Chris O’Cull lowered the firm’s price target on Planet Fitness to $80 from $85 and keeps a Buy rating on the shares. While Planet’s initial 2024 guidance was largely below the Street consensus, the implied performance is “better than we were modeling in 2024,” with unit growth slowing less than the firm expected, the analyst tells investors. While management characterized 2024 as a “transition year,” which is typically interpreted as “a year of heavy investment and volatile results,” the firm does not believe that will be the case, the analyst added.