Planet Fitness assumed with an Overweight at Morgan Stanley

Morgan Stanley assumed coverage of Planet Fitness with an Overweight rating and $62 price target. The analyst views Planet Fitness as a “scaled value leader” in an attractive category with an advantaged franchised model. The stock’s recent significant underperformance creates a “compelling risk/reward,” though its visibility is clouded and some patience may be required with new a CEO announcement an important catalyst, the analyst tells investors in a research note.