Planet Fitness price target lowered to $65 from $75 at Stifel

Stifel analyst Chris O’Cull lowered the firm’s price target on Planet Fitness to $65 from $75 and keeps a Buy rating on the shares. The firm expects shares to remain volatile amid the uncertainty of CEO succession caused by the board’s “poor” planning efforts as well as the implications it might have on franchise unit development, the analyst tells investors in a research note. The firm, which removed Planet Fitness from the Select List, still thinks the company has the potential to get back on a growth path with the right strategic priorities and a greater sense of urgency, but would not be surprised if it attracts shareholder activisim.