Merrill Lynch Believes Planet Fitness (NYSE: PLNT) Still Has Room to Grow

By Ryan Adsit

Merrill Lynch analyst Rafe Jadrosich reiterated a Buy rating on Planet Fitness (NYSE: PLNT) today and set a price target of $56. The company’s shares closed yesterday at $45.19, close to its 52-week high of $46.81.

Jadrosich has an average return of 40.2% when recommending Planet Fitness.

According to TipRanks.com, Jadrosich is ranked #634 out of 4842 analysts.

Currently, the analyst consensus on Planet Fitness is a Strong Buy with an average price target of $47.20, representing a 4.4% upside. In a report released yesterday, Piper Jaffray also reiterated a Buy rating on the stock with a $51 price target.

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Planet Fitness’ market cap is currently $3.95B and has a P/E ratio of 85.26. The company has a Price to Book ratio of -36.75.

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Planet Fitness, Inc. engages in the operation and franchise of fitness centers. It operates through the following segments: Franchise, Corporate-Owned Stores, and Equipment. The Franchise segment includes operations related to the company’s franchising business in the U.S., Puerto Rico, Canada, the Dominican Republic, and Panama.