Raymond James positive on Planet Fitness

Raymond James starts off coverage on Planet Fitness (NYSE:PLNT) with an Outperform rating.

“Importantly, we believe PLNT’s differentiated business model and compelling unit economics prove advantageous. Store expansion, increased Black Card membership penetration, and rising royalty rates serve as key growth catalysts that should, in our view, effectively augment PLNT’s sales and profitability,” notes the firm in its morning note.

RJ’s price target of $80 on Planet Fitness is out in front of the sell-side consensus PT of $78.21.

Shares of Planet Fitness are up 0.73% premarket to $72.17.

https://seekingalpha.com/news/3474254-raymond-james-positive-planet-fitness