Planet Fitness price target raised to $62 from $51 at DA Davidson

DA Davidson raised the firm’s price target on Planet Fitness to $62 from $51 and keeps a Neutral rating on the shares. The analyst cites the company’s Q3 earnings beat and raised sales and earnings growth guidance despite lowered new store openings target. Changes to re-equip schedules will dampen the Planet Fitness corporate revenue but be designed to preserve gross profit dollars, the firm states, adding however that its neutral stance is due to uncertainty around growth rates in 2024-2025.