Piper Jaffray analyst Peter Keith raised his price target for Planet Fitness to $84 from $70 and reiterates an Overweight rating on the shares ahead of the company’s Q1 results on May 2.The recently announced nationwide rollout of the company’s “Teen Summer Challenge”, which offers teens a free summer gym membership, is a great way to introduce generation Z members to the brand and build brand loyalty at an early age, Keith tells investors in a research note. Further, the analyst believes Planet Fitness’ replacement equipment sales growth guidance for 2019 is likely conservative, and can show “notable upside.” Keith also views the stock as “relatively attractive” on a valuation basis.
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