Planet Fitness downgraded to Neutral from Outperform at Macquarie

Macquarie downgraded Planet Fitness (PLNT) to Neutral from Outperform with a price target of $99, up from $91, following the Q3 report. The shares are up 30% year-to-date on the company’s pricing power and new equipment, but memberships growth is slow, the analyst tells investors in a research note. The firm says Planet Fitness shares reflect the company’s pricing power as well as a potential price increase. It is is “time to take a breather given mixed drivers” and a deceleration in members, Macquarie contends.