Xponential Fitness price target lowered to $9 from $16 at Piper Sandler

Piper Sandler lowered the firm’s price target on Xponential Fitness (XPOF) to $9 from $16 and keeps a Neutral rating on the shares. The weaker 2025 outlook and lack of visibility around unit growth are pressuring shares, and while the firm does see some green shoots from the work management is doing, these efforts are getting masked by continued struggling brands and pressured units, Piper says. If efforts do materialize, the outlook beyond 2025 starts to look compelling, and despite the issues, there is true value in Xponential’s largest brand, Club Pilates, in Piper’s view. However, the near-term turbulence is not abating, and thus while the firm wouldn’t take a bear thesis here, it also can’t recommend purchase at this time.