Piper Jaffray Believes Planet Fitness (NYSE: PLNT) Won’t Stop Here

By Jason Carr

Piper Jaffray analyst Peter Keith reiterated a Buy rating on Planet Fitness (NYSE: PLNT) on August 9 and set a price target of $60. The company’s shares closed on Friday at $51.94, close to its 52-week high of $53.41.

According to TipRanks.com, Keith is a 4-star analyst with an average return of 11.8% and a 53.9% success rate. Keith covers the Services sector, focusing on stocks such as Restoration Hardware Holdings Inc, Ollie’s Bargain Outlet Holding, and Floor & Decor Holdings Inc.

Planet Fitness has an analyst consensus of Strong Buy, with a price target consensus of $53.50, which is a 3.0% upside from current levels. In a report issued on August 2, Guggenheim also reiterated a Buy rating on the stock with a $53 price target.

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Based on Planet Fitness’ latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $25.87 million. In comparison, last year the company had a net profit of $12.41 million.

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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.