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Fly News Breaks for September 3, 2019
PLNT
Sep 3, 2019 | 07:19 EDT
Berenberg analyst Alex Maroccia assumed coverage of Planet Fitness and downgraded the stock to Hold from Buy, stating that he believes a premium valuation is warranted but that the shares seem fairly valued at current levels. As Planet Fitness' store opening growth begins to slow, he sees the company's replacement equipment sales making up for the lower contribution from new equipment sales, Maroccia tells investors. However, he sees few near-term catalysts and lowered the price target on the stock to $69 from $80.
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