Planet Fitness price target raised to $87 from $77 at RBC Capital

RBC Capital raised the firm’s price target on Planet Fitness to $87 from $77 and keeps an Outperform rating on the shares. The company reported solid Q2 results and its new CEO articulated the updated growth strategy, which includes hiring a Chief Marketing Officer to optimize brand messaging and Chief Development Officer to accelerate store openings, the analyst tells investors in a research note. Planet Fitness is also working to get franchisee IRRs back to pre-COVID levels, the firm added.