Canaccord Genuity analyst Brian McNamara has maintained their bullish stance on PLNT stock, giving a Buy rating today.
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Brian McNamara has given his Buy rating due to a combination of factors including Planet Fitness’s strong financial performance in the second quarter. The company reported earnings that exceeded expectations, with revenues surpassing consensus estimates by approximately 3%. Additionally, same-club sales growth was impressive at 8.2%, outpacing the anticipated 5.9%.
Moreover, Planet Fitness experienced significant membership growth, adding 200,000 net new members, which contributed to the positive financial results. The company’s ability to manage expenses effectively led to adjusted EBITDA and EPS exceeding expectations by 5% and 9%, respectively. Despite some challenges, such as the deferral of a Black Card price increase, the overall outlook remains positive, prompting McNamara to maintain a Buy rating with a price target of $126.
McNamara covers the Consumer Cyclical sector, focusing on stocks such as Planet Fitness, Holley, and Traeger. According to TipRanks, McNamara has an average return of -2.1% and a 51.10% success rate on recommended stocks.
In another report released today, TD Cowen also maintained a Buy rating on the stock with a $135.00 price target.