Xponential Fitness price target lowered to $35 from $45 at Evercore ISI

Evercore ISI analyst Warren Cheng lowered the firm’s price target on Xponential Fitness to $35 from $45 and keeps an Outperform rating on the shares. Despite a “solid beat-and-raise” Q3 report and other “solid fundamental factors,” the analyst says the stock has seen its EV/EBITDA multiple contract “as it cannot seem to climb the wall of worry and skepticism in the stock” about whether expensive fitness classes are “really inflation-proof and recession-proof?”