BofA raised the firm’s price target on Planet Fitness to $100 from $95 and keeps a Buy rating on the shares. The firm believes new Planet units built after the company’s classic card increase on June 28 should experience 4-wall EBITDA margins and cash on cash returns in line with pre-COVID levels, likely leading to pre-COVID level unit growth, the analyst tells investors. Based on recent Planet foot traffic data through August, the firm has seen no significant slowdown in traffic since the price increase took place, the analyst added.
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