Planet Fitness $PLNT stock is 4.5% higher in early trading on September 26, 2022, after the folks at Raymond James scramble to issue a rare double upgrade on the stock.
The move seems like desperation more than anything else because Planet Fitness $PLNT is a consumer discretionary stock and so it’s going to be one of the first expenses consumers drop as the economy weakens.
Planet Fitness double upgraded to Strong Buy at Raymond James
On September 26, 2022, Raymond James analyst Joseph Altobello double upgraded Planet Fitness to Strong Buy from Market Perform with a $70 price target. Altobello’s bullish stance on the shares reflects the company’s “highly resilient” business model and value gym positioning, ample store growth opportunity, and an attractive valuation, the analyst tells investors in a research note. Despite the recent pullback, the business model of Planet Fitness is resilient and recession-resistant, and Altobello sees healthy growth in 2023.
📺 Planet Fitness CEO: Gym membership ‘at an all-time high’ as Gen Z joins in droves
📉 Planet Fitness $PLNT Chart Technical Analysis
Planet Fitness $PLNT is in a technical strong downtrend. Long-term indicators support a continuation of the downtrend. Short-term indicators suggest that $PLNT stock is oversold, so a trend reversal or bounce is possible.