Planet Fitness (NYSE:PLNT) slumps after Berenberg warns on a lack of near-term catalysts for the chain.
The firm thinks PLNT already trades at a relatively high EV/EBITDA multiple and is fairly valued overall.
The rating from Berenberg goes to Hold from Buy, while the price target slides to $69 vs. $80 prior and the sell-side average PT of $82.43. The Quant Rating on Planet Fitness is at Neutral.
Shares of Planet Fitness are down 3.34% to cut into the 27% YTD rally.
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