Planet Fitness price target raised to $74 from $68 at RBC Capital

RBC Capital analyst Christopher Carril raised the firm’s price target on Planet Fitness to $74 from $68 and keeps an Outperform rating on the shares. The company reported a better than expected Q3 following its announcement of a CEO transition in September, but while Planet Fitness also unveiled a new franchise returns model aiming to drive improved unit economics, clarity on post-FY23 development will have to wait until FY24 guidance is introduced, the analyst tells investors in a research note.