Piper Sandler lowered the firm’s price target on Planet Fitness (PLNT) to $88 from $96 and keeps an Overweight rating on the shares. The firm is transferring coverage of the stock to the Beauty & Wellness list, arguing there is a clear intersection of Beauty, Fitness, and Wellness that has been strengthened by post-COVID self-care trends, the analyst tells investors. The firm views Planet Fitness similarly to Ulta (ULTA), with both having a bigger box format and broader price-point offering. Despite some fear-causing miswording during its Q1 call, Piper Sandler sees little risk to the company’s unit build-out and sees upside reward “largely outweighing” the downside risk.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on PLNT:
- DA Davidson consumer analysts to hold analyst/industry conference call
- Planet Fitness price target raised to $82 from $78 at Stifel
- Fly Insider: Planet Fitness, Blink among week’s notable insider trades
- 3 Best Stocks to Buy Now, 5/19/2023, According to Top Analysts
- High School Summer Pass™ is in Session: Planet Fitness Welcomes Teens to Work Out for Free All Summer Long Starting Today