Planet Fitness up after Jefferies raises to 'buy'

Planet Fitness

10/06/2024 10:59

** Fitness center operator's shares  PLNT.N  rise ~2% to $69.43
in premarket trading after Jefferies upgrades to "buy" from
"hold"
    ** Expects franchisee model adjustments and price increases
to drive an increase in unit demand, resulting in improved
financial performance
    ** Brokerage raises rating and PT as it believes co's
long-term opportunity is "attractive" and risk skews to the
upside at current levels
    ** Raises PT to $100 from $62, implying a ~47% upside to
last close
    ** Fourteen of 18 brokerages rate the stock "buy" or higher
and four "hold"; their median PT is $78
    ** Up to Friday's close, stock had fallen ~7% YTD

 (Reporting by Reshma Rockie George in Bengaluru)
 ((Reshma.George@thomsonreuters.com))