Planet Fitness price target lowered to $70 from $80 at Guggenheim

Guggenheim analyst John Heinbockel lowered the firm’s price target on Planet Fitness to $70 from $80 and keeps a Buy rating on the shares following the “surprising, seemingly-sudden BOD decision to pursue a CEO transition.” The CEO change “exacerbated the negative narrative surrounding the shares for the past year,” says the firm, which adds that it believes the hiring of a high-quality external CEO within the next four to six months will be a material catalyst for the shares.