- The stock price of Planet Fitness (PLNT) increased by over 2.3% pre-market today. This is why.
The stock price of Planet Fitness (PLNT) increased by over 2.3% pre-market today.
Why: Bullish research report
Rating: Upgraded from “Market Perform” to “Strong Buy”
Analyst: Raymond James analyst Joseph Altobello
Altobello adjusted the rating while noting that the shares of Planet Fitness reflects the company’s highly resilient business model and value gym positioning, ample store growth opportunity (just over halfway toward its current 4,000 stores target in the U.S. and what they believe is an attractive valuation.
“The stock is well off its highs from last fall and has been notably weak of late, underperforming the broader market despite its resilient and recession-resistant business model and our expectations for healthy growth in 2023. Further, PLNT has no interest rate risk and very little near-term debt maturities, while current valuation is well below its recent historical average,” wrote Altobello in a research note.