Jefferies upgraded Planet Fitness to Buy from Hold with a price target of $100, up from $62. The shares have been under pressure but the company’s current headwinds are well understood and now there’s a more visible path to improving trends following the new CEO, franchisee model adjustments and price increases, the analyst tells investors in a research note. The firm believes Planet Fitness’ long-term opportunity is attractive and the risk skews to the upside at current share levels. Jefferies believes new CEO Colleen Keating’s perspective and existing relationships will serve Planet Fitness well moving forward.
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