Xponential downgraded to Market Perform from Strong Buy at Raymond James

Raymond James double downgraded Xponential Fitness (XPOF) to Market Perform from Strong Buy without a price target The firm cites the recent deterioration in trends for the company’s “all-important” Club Pilates brand and lack of visibility into any near-term inflection in 2026 for the downgrade. Xponential’s adjusted EBITDA is set to decline once again this year, making the stock’s current valuation as fair “unless and until management can effectuate a reversal of these trends,” the analyst tells investors in a research note. With that said, Raymond James points out Xponential could attract attention from potential acquirers interested in Club Pilates.