RBC Capital analyst Christopher Carril raised the firm’s price target on Planet Fitness (PLNT) to $110 from $87 and keeps an Outperform rating on the shares. The company reported a strong Q3 and raised FY24 guidance on both top- and bottom-line largely on higher equipment sales, the analyst tells investors in a research note. Price increases performed better-than-expected in the quarter, and the company is adjusting marketing to appeal to a broader audience which could be a tailwind to memberships in FY25, the firm added.
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