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Keep an eye on Planet Fitness (SYM: PLNT), especially with the yearly New Year resolutions. According to Johns Hopkins Medicine, around this time of year, about 90% of us make a resolution to lose weight, diet, and exercise more. Millions of us begin to worry about our expanding waistlines and promise ourselves next year will be different. Many of us will join Weight Watchers or even Medifast. Or even join a gym. Look at Planet Fitness (SYM: PLNT) for example. For several years, the stock has taken off around the holidays. We saw it take off in late 2020, in late 2021, in late 2022, and again in 2023. We expect the same thing to happen again this year.
Helping, analysts at Morgan Stanley just reiterated its overweight rating on PLNT, with an $89 price target. They note that “We now expect full-year unit openings at the low-end of prior outlook, but this is more than offset by our improved SSS [same-store sales] forecast.” Analysts at Stifel also raised its price target on PLNT to $75, with a hold rating. “The adjustment follows Planet Fitness's implementation of higher Classic membership pricing, which began almost four months ago. The new pricing strategy has narrowed the price gap between the Classic and Black Card memberships to approximately $10, which seems to have influenced new members' choices,” said the firm, as quoted by Investing.com. Did you miss yesterday's Chart of the Day? Click here to view it now. |
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