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Planet Fitness Added to Evercore’s Tactical Outperform List Ahead of Earnings on Beat Expectations

2022.05.09 16:22

Planet Fitness Added to Evercore's Tactical Outperform List Ahead of Earnings on Beat Expectations
Planet Fitness (PLNT) Added to Evercore’s Tactical Outperform List Ahead of Earnings on Beat Expectations

Evercore ISI analyst Warren Cheng added shares of Planet Fitness (NYSE:PLNT) to Tactical Outperform List ahead of the company’s earnings report that is due tomorrow.

Cheng likes PLNT stock from a tactical standpoint, mostly because of the ability “to potentially benefit from an inflation trade-down” as well as a pivot to the “Experiences-from-Things trade” that Cheng believes will gain even more steam over the summer.

Moreover, the analyst says PLNT is likely to deliver a “significant” Q1 sales and earnings beat tomorrow amid the “sharp recovery in member joins in February/March.”

“Our view is based on our channel checks and recent conversations, the acceleration in other ‘COVID-loser’ activities in 1Q (Booking.com gross bookings, Live Nation tickets sold, and TSA check-ins, hotel RevPAR, Tripadvisor monthly unique users), and the recent surge in our EVRISI limousine and airlines company surveys,” Cheng said in a client note.

The analyst is calling for Q1 sales and EPS of 205 million and $0.31 vs consensus of $190 million and $0.27, respectively.

PLNT stock is down nearly 1% in premarket today.

By Senad Karaahmetovic

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