Planet Fitness a platform like Amazon, not a gym, Jefferies says in upgrade

Jefferies analyst Randal Konik upgraded Planet Fitness (PLNT) to Buy from Hold and raised his price target for the shares to $75 from $49. The stock closed yesterday at $58.25. Planet Fitness is a platform for consumer aggregation "with tenets that resemble Amazon's successful model," Konik tells investors in a research note. Amazon.com's (AMZN) growth benefits from the shift to online consumption while Planet Fitness benefits from a growing wellness trend, contends the analyst. He calls Planet Fitness a platform, not a gym, and recommends looking at the company "through an Amazon prism." Planet Fitness' "attractive" pricing architecture, "large and growing" unit presence, advertising flywheel, expanding affinity network, and enhanced digital strategies "reduce frictional points with consumers, drive engagement, and widen the company's moat," Konik argues. He believes the company's valuation is justified with other platforms such as Amazon and Netflix (NFLX).