Planet Fitness Gets Price Target Cuts By Analysts After Weak Q1 Results

Planet Fitness, Inc. PPLNT reported worse-than-expected Q1 results on Thursday.

Planet Fitness reported Q1 2023 sales growth of 19.0% Y/Y to $222.2 million, missing the consensus of $238.3 million. Adjusted EPS of $0.41 missed the consensus of $0.46.

For 2023, Planet Fitness expects growth of revenues in the 13% to 14% range, adjusted EBITDA of 17% to 18% and adjusted EPS of 33% to 36%.

Planet Fitness shares dropped 16.3% to close at $68.29 on Thursday, but gained 2.5% in today’s pre-market trading.

These analysts made changes to their price targets on Planet Fitness following earnings announcement.

• Baird cut the price target on Planet Fitness from $105 to $95. Baird analyst Jonathan Komp maintained an Outperform rating.
• Piper Sandler lowered the price target on Planet Fitness from $98 to $96. Piper Sandler analyst Peter Keith maintained an Overweight rating
• Stifel slashed price target on Planet Fitness from $93 to $78. Stifel analyst Chris O'Cull maintained a Buy rating on the stock.

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