Planet Fitness price target lowered to $80 from $95 at BofA

BofA lowered the firm’s price target on Planet Fitness to $80 from $95 and keeps a Buy rating on the shares. Planet reported Q2 adjusted EPS that beat the firm’s forecast given higher re-equipment revenues, but lowered its expected franchise equipment placements to 140 units from 160 units, the analyst tells investors. The firm’s lower price target reflects a lower multiple and lower calendar year 2024 EBITDA estimate of $506M given a tougher near-term environment for franchise openings.