Canaccord analyst Brian McNamara raised the firm’s price target on Planet Fitness (PLNT) to $126 from $120 and keeps a Buy rating on the shares. The firm’s survey of 65 Planet Fitness locations suggested that click-to-cancel is not significantly impacting member churn, Black Card penetration is likely holding near 65%, and new Planet Fitness locations are taking member share from competitors with manageable cannibalization of nearby clubs, the analyst tells investors in a research note. Canaccord continues to view Planet Fitness as one of the most attractive franchisor investments in the public market.
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