PLNT - Planet Fitness falls after Piper Sandler turns cautious on member growth

Piper Sandler is lower in morning trading after Planet Fitness ([[PLNT]] -1.1%) down to a Neutral rating after having the gym operator set at Overweight.The firm turns cautious after its Fitness survey raises concerns over the pace of member and earnings per share recovery for PLNT in 2022."Our recent fitness survey results show a drop-off in both new member interest in PLNT and existing member retention at PLNT. Both metrics dropped to their lowest level since April 2020. Additionally, ~50% of people interested in joining a PLNT intend to join Q4 or Q1."Piper keeps a price target of $87 on Planet Fitness, which is still above the average Wall Street PT.

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Planet Fitness falls after Piper Sandler turns cautious on member growth