Raymond James raised the firm’s price target on Planet Fitness to $80 from $75 and keeps a Strong Buy rating on the shares after the company reported “healthy” Q1 results that generally exceeded expectations despite several headwinds. Planet also reduced its 2024 guidance, but “perhaps the biggest news” was the announced increase in Classic Card pricing to $15/month from the current $10/month. While it will only have a modest impact on 2024 results, the firm roughly estimates the ultimate impact to adjusted EPS could exceed 50c per share, while also boosting franchisee returns, the analyst tells investors.
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