Planet Fitness price target raised to $86 from $73 at Raymond James

Raymond James analyst Joseph Altobello raised the firm’s price target on Planet Fitness to $86 from $73 and keeps a Strong Buy rating on the shares. The stock had a rough 2023, but bounced sharply during Q4 after bottoming in the mid-$40s in late September on news of the abrupt departure of CEO Chris Rondeau, the analyst tells investors in a research note. Plant Fitness’ Q3 results were better than feared, and the company introduced a new growth model designed to improve franchisee economics and spur an acceleration in store growth, Raymond James adds.