Planet Fitness (PLNT)

Apr 19, 2023Trade Ideas

Keep an eye on Planet Fitness (PLNT). Especially as more Americans try to get into beach bod shape ahead of summer. Even better, Piper Sandler analysts just raised their price target on PLNT to $98 from $96, with an overweight rating.

And, as noted by Piper’s semi-annual teen survey results and channel checks both point to “abnormally strong” new member sign-ups in Q1 for Planet Fitness, which bodes very well for 2023 results given its membership model, the analyst tells investors in a research note. The shares have lagged year-to-date, from what is likely a pushback on valuation, yet the company’s current valuation on a relative basis to the S&P 500 is at trough levels, contends Piper. The firm thinks Planet Fitness shares currently present an “extremely attractive risk/reward” and should be bought before the Q1 results in the first half of May.

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