Stifel analyst Chris O’Cull initiated coverage of Xponential Fitness with a Hold rating and $18 price target. The firm views the current valuation of the franchisor of boutique fitness studios as “supportive,” but believes a weaker consumer spending environment could prove challenging for many of its brands and its less experienced franchisees, the analyst tells investors. In that context, the firm is “not confident in underwriting unit growth targets” and believes same-store sales growth may moderate more than expected, the analyst added.
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