.July 11, 2024 03:48:00 PM

Planet Fitness (NYSE:PLNT) saw a 3% rise in shares after Piper Sandler analysts raised their price target to $89 from $80, maintaining an Overweight rating. The rebound in shares is attributed to positive developments like a new CEO and adjustments in pricing. Investors are more confident in the company’s long-term prospects, but it may take a few quarters for new strategies to impact the share price. While confidence is improving, there are no heightened short-term expectations. Management’s guidance accounts for near-term challenges like elevated cancellation trends and gradual pricing benefits. Analysts have a positive 12-month outlook for Planet Fitness.