Xponential Fitness downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler downgraded Xponential Fitness to Neutral from Overweight with a price target of $13, down from $21. The firm is becoming less confident in management’s ability to achieve their long term growth and margin targets. Additionally, reports questioning management’s credibility continue to be an overhang on the stock that could likely persist for another few quarters and limit share upside, despite the “valuation looking fairly cheap at current levels,” the analyst tells investors in a research note.