B. Riley downgraded Xponential Fitness to Neutral from Buy with a price target of $9, down from $31, after the company removed CEO Anthony Geisler from his duties and suspended him indefinitely as CEO. There are substantial unknowns regarding the potential impact of the investigations on the fundamentals of the business, the analyst tells investors in a research note. Riley says a favorable resolution of the SEC and U.S. Attorney’s Office for the Central District of California investigations would prompt it to consider getting more constructive with the stock.
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