Macquarie analyst Paul Golding keeps his Outperform rating and $90 price target on Planet Fitness, saying the company has increased its gym count by 257 locations to 2,064 in 2019. The analyst believes that the company's low price-point and its focus on the U.S. market position it "defensively", particularly given its annualized growth rate. Golding further states that Planet Fitness penetration rates are rising and he sees further potential runway for comp reacceleration, maintaining his view that Planet Fitness stock is "substantially undervalued" relative to peers.