BODY - Planet Fitness doesn't have a Peloton problem per Morgan Stanley

Planet Fitness (NYSE:PLNT) is higher in early trading after Morgan Stanley starts off coverage with an Outperform rating on the stock on its observation that gym usage has come back quickly in areas with less restricted areas. The firm also says a lower percentage of consumers are reporting back plans to avoid gyms. "We see evidence that in-person fitness can recover, and think PLNT's scale positions it to rekindle growth and take market share," writes analyst Brian Harbour. Harbour and team also think the overlap with Peloton Interactive (NASDAQ:PTON) and Beachbody Company (NYSE:BODY) may be less significant than believed, which could be significant with the at-home fitness stocks swinging wildly against their gym peers on COVID news. "Value fitness clubs are more suburban, less work-driven, and have less customer overlap with higher end digital at-home fitness. Our surveys also find a wide gap by income group for intentions to purchase

For further details see:

Planet Fitness doesn't have a Peloton problem per Morgan Stanley