Xponential Fitness initiated with a Buy at Citi

Citi analyst James Hardiman initiated coverage of Xponential Fitness with a Buy rating and $29 price target. The company has "carved out a defensible and profitable position" as the industry leader in the boutique fitness space, Hardiman tells investors in a research note. The analyst says Xponential’s asset-light franchise model allows for quick scaling of the business, with recurring revenues "buffering the downside in the event of a recession."