Piper Sandler lowered the firm’s price target on Planet Fitness to $60 from $66 given recent peer multiple contraction, while keeping an Overweight rating on the shares. The firm’s recent teen survey bodes well for Planet Fitness, with its math suggesting it could see a slight comp lift from the High School Summer Pass program. Piper likes the risk/reward for Planet Fitness with a CEO change and shares at trough levels, though the firm is cautious on the near-term equipment placement outlook.
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