Planet Fitness (PLNT) Gets a Buy Rating from Cowen & Co.

By Jason Carr

Cowen & Co. analyst Oliver Chen reiterated a Buy rating on Planet Fitness (NYSE: PLNT) on August 10 and set a price target of $58. The company’s shares closed on Friday at $51.94, close to its 52-week high of $53.41.

According to TipRanks.com, Chen is a 4-star analyst with an average return of 6.9% and a 52.3% success rate. Chen covers the Services sector, focusing on stocks such as Restoration Hardware Holdings Inc, Lululemon Athletica Inc, and Signet Jewelers Limited.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Planet Fitness with a $51.38 average price target, implying a -1.1% downside 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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Planet Fitness’ market cap is currently $4.57B and has a P/E ratio of 78.70. The company has a Price to Book ratio of -57.10.

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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.