RBC Capital analyst Christopher Carril raised the firm’s price target on Planet Fitness to $74 from $68 and keeps an Outperform rating on the shares. The company reported a better than expected Q3 following its announcement of a CEO transition in September, but while Planet Fitness also unveiled a new franchise returns model aiming to drive improved unit economics, clarity on post-FY23 development will have to wait until FY24 guidance is introduced, the analyst tells investors in a research note.
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Read More on PLNT:
- Planet Fitness price target raised to $80 from $65 at Baird
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- Planet Fitness, Inc. Announces Third Quarter 2023 Results
- Planet Fitness raises FY23 adjusted EPS view to up 35% from up 34%
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