Planet Fitness rises after update on store reopenings, lifts fitness peers » 14:0906/0206/02/20
PLNT, NLS, PTON
Shares of Planet Fitness…
Planet Fitness price target raised to $70 from $58 at Roth Capital » 13:0806/0206/02/20
PLNT, NLS, PTON
Roth Capital analyst…
RH price target raised to $265 from $150 at Stifel » 10:5406/0206/02/20
Stifel analyst John Baugh…
Planet Fitness up 5% after update on stores reopenings » 10:1406/0206/02/20
Shares of Planet Fitness…
Shares of Planet Fitness (PLNT) are up in early trading after the company announced earlier in a regulatory filing that as of June 1 the company had reopened approximately 800 stores across 30 states and one province in Canada. The company anticipates that an additional 200 stores may be able to open by mid-June. "At the locations that have reopened, the company has experienced the following results to date: overall average membership levels have remained relatively consistent compared to the day the store reopened, while both joins and cancels have increased compared to the same time period last year; store usage at reopened stores that have been open at least two weeks has increased between the date of reopening and May 31, 2020, with usage indexing at approximately 60% compared to the same time period last year; and Black Card membership percentage for new joins has been approximately 60%, which is consistent with historical levels," Planet Fitness said. In early trading, shares of Planet Fitness are up $3.38, or 5%, to $70.97.
Fly Intel: Top five analyst upgrades » 10:0706/0206/02/20
DGX, LOW, RH, EV, GWW, ABBV
Catch up on today's…
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Quest Diagnostics (DGX) resumed to Buy from Hold at Deutsche Bank with analyst Pito Chickering assuming coverage of the stock and saying routine testing is rebounding faster than expected and the COVID-19 testing addressable market is greater than appreciated. 2. Lowe's (LOW) was upgraded to Buy from Hold at Gordon Haskett while RH (RH) was upgraded to Hold from Reduce. 3. Eaton Vance (EV) upgraded to Buy from Neutral at BofA with analyst Michael Carrier citing the company's attractive outlook for margins and cash flow driven by "Parametric, Calvert, and EV Fixed Income" in spite of the floating rate headwinds. 4. Grainger (GWW) upgraded to Buy from Neutral at Longbow with analyst Chris Dankert saying his survey work suggests demand has bottomed during April and May as end customer locations are opening up. 5. AbbVie (ABBV) upgraded to Buy from Hold at Argus with analyst David Toung saying after its completed merger with Allergan, the company's new portfolio includes a "growing oncology franchise anchored by Imbruvica and Venclexta and two growth drivers in the immunology space - Skyrizi and Rinvoq." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
RH rises 9.4% » 10:0006/0206/02/20
RH is up 9.4%, or $20.03…
RH rises 11.4% » 09:4706/0206/02/20
RH is up 11.4%, or $24.31…
JPMorgan ups RH target to $270 from $135 after 'bullish' CEO letter » 09:0806/0206/02/20
JPMorgan analyst Tami…
JPMorgan analyst Tami Zakaria raised the firm's price target on RH to $270 from $135 and keeps an Overweight rating on the shares after CEO Gary Friedman wrote a letter to shareholders. The stock in premarket trading is up 9%, or $19.88, to $232.45. The letter had an "overall bullish tone" and called out a bigger total addressable market of $7 trillion to $10 trillion globally with new business ideas in the works, Zakaria tells investors in a research note. The near term highlight for the analyst was the following statement by Friedman: "We continue to expect operating margins to expand in 2020 despite the current setbacks from COVID-19, and now see a clear path to 20% operating margin over the next few years." This "breaks the structural bear's argument," says the analyst.
RH upgraded to Hold from Reduce at Gordon Haskett » 06:0706/0206/02/20
Gordon Haskett analyst…
Gordon Haskett analyst Chuck Grom upgraded RH to Hold from Reduce with a $220 price target.
RH sees 'clear path to 20% operating margins over next few years' » 17:1206/0106/01/20
RH released a copy of…
RH released a copy of Chairman & CEO Gary Friedman's Annual Letter to Shareholders.The letter said in part: "Fiscal 2019 was an outstanding year for Team RH. We achieved record results across every key metric of our business while continuing to elevate the brand and create strategic separation in our industry. Revenues increased 5.4% over last year to $2.647 billion, adjusted operating margins reached an industry best 14.3%, and adjusted diluted earnings per share increased 49% to $11.66. We also generated $330M of free cash flow in 2019, and achieved industry leading ROIC of 35.3%... Our strategy to open new design galleries in every major market will unlock the value of our vast assortment, generating revenues of $5 to $6B North America, with the long term potential to become a $20B dollar global brand. ..Our vision is to move the brand beyond curating and selling product to conceptualizing and selling spaces by building an ecosystem of products, places, services and spaces that elevate and establish the RH brand as a global thought leader, taste, and placemaker...We believe the ecosystem can be expanded globally, multiplying the market opportunity to approximately $7 to $10T, quite possibly one of the largest and most lucrative addressed by any brand in the world today. A one percent share of the global market represents a $70 to $100B opportunity...The emergence of RH as a luxury brand generating luxury margins is becoming evident as our adjusted operating margin has expanded over 700 basis points in the past two years from 7.0% in 2017 to 14.3% in 2019. We continue to expect operating margins to expand in 2020 despite the current setbacks from COVID-19, and now see a clear path to 20% operating margin over the next few years," said RH management in a letter to shareholders.