Planet Fitness Upgraded To Outperform From In-Line At Imperial Capital

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Imperial Capital analyst George Kelly upgraded Planet Fitness (PLNT) to Outperform from In-Line with an unchanged price target of $72.50.

The shares are down nearly 30% below their 52-week high due to comments from management on the Q2 conference call that second half of 2019 comps will decelerate, Kelly tells investors in a research note.

However, Planet Fitness' business fundamentals remain strong and management has a track record of skillful cash deployment, contends the analyst. He views the company as a core long-term holding.

Planet Fitness has "ample" long-term growth opportunities from new stores and higher pricing, says Kelly, who views current share levels as a "compelling" entry point.

 

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