Planet Fitness bulks up after Baird adds as 'bullish fresh pick'

Planet Fitness

26/08/2024 17:09

** Planet Fitness  PLNT.N  shares hit new 1-yr high on Mon
after Baird adds co as 'bullish fresh pick' through year-end
    ** Fitness center operator's shares rise as much as 2.2% to
$82.82, surpassing prior 1-yr high of $81.64 set on Aug 15
    ** Baird analyst team led by Jonathan Komp highlights PLNT
as "an attractive idea for a slowing growth environment" in note
to clients
    ** New leadership has addressed economic challenges and
Baird sees multiple potential drivers for PLNT, especially
marketing
    ** Co's strong consumer value proposition and high-margin
franchise model should prove resilient, Baird says, adding lower
interest rates and reduced building costs could spur investor
optimism in unit growth reaccelerating after 2024
    ** Baird sticks with "outperform" rating and $92 PT
    ** 15 of 18 brokerages rate stock "strong buy" or "buy",
rest "hold", per LSEG
    ** Median PT of $89.50 up from $80 a month ago and from $77
on May 26
    ** PLNT's shares last up 1% at $81.89 on the session, up
~12% YTD. This compares to S&P 400 Consumer Discretionary
sector's  .SPMDCD  ~8% advance and S&P 1500's  .SPSUP  17% rise
in 2024

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))