BODY - A fitness company's own transformation looks buff to Baird

A former fitness-DVD behemoth pursuing a transition into fully modern fitness conglomerate is the subject of a new Street-high price target from Baird. The firm is initiating coverage of Beachbody (BODY) - newly public through a merger with special-purpose acquisition company Forest Road Acquisition - with an Outperform rating, noting a transformation to a "leading digital health/wellness platform positioned to drive sustained rapid growth and to expand long-term margin." The company now has more than 3M total members with 75% annual subscription revenue, an "impressive" evolution from its 1998 start as a direct seller of fitness DVDs. And it has complementary businesses supporting its mission, analyst Jonathan Komp writes: with on-demand and live fitness programs (BOD/Openfit), premium nutrition (Beachbody Performance, Ladder), affordable connected fitness (Myx) and "perhaps more (given M&A capacity)." Meanwhile, the global addressable market looks to be well over $100B - and COVID-19 may have accelerated the consumption

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A fitness company's own transformation looks buff to Baird