Analysts Raise Planet Fitness Price Target Post Q3 Beat

Baird analyst Jonathan Komp raised Planet Fitness Inc's PLNT price target to $110 from $100 and kept an Outperform rating on the shares.
The analyst said he sees a compelling lineup of additional drivers spanning marketing, digital, and pricing with the company's attractive growth outlook and increasing scale benefits supporting his confidence in positive estimate revisions and justifying its premium valuation.
DA Davidson analyst Linda Bolton Weiser raised the price target to $105 from $85 (implying an upside of 9%) and kept a Buy rating on the shares. The analyst said the quarter marked the second period of a revenue beat since the start of the pandemic, with equipment sales serving as a "key area of upside."
Jefferies analyst Randal Konik raised the price target to $115 from $100 (implying an upside of 19%) and kept a Buy rating on the shares.
Randal opined that the company's results and guidance show a business that is "in full recovery post-pandemic" and one that is "stronger than pre-pandemic competitively" with "lots of unit growth and share gains ahead."
Morgan Stanley maintained Planet Fitness with an Overweight rating and increased the price target from $93 to $101 (suggesting a 5% upside).
Related Content: Are People Going Back To The Gym? This Company's Q3 Report Gives The Answer
Price Action: PLNT shares are trading higher by 4.15% at $96.11 on the last check Friday.

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