PLNT - Planet Fitness lower after ratings cut from Cowen

Cowen lowers Planet Fitness (PLNT) to a Market Perform rating after having the gym club operator set at Outperform.Analyst Oliver Chen expects subdued new member growth to drive negative comparable sales in the first half, although the long-term prospects are said to remain exceptional.A rebound in 2022 of new memberships and store openings is seen already priced in."We will look to get more constructive if we see improvements in: (1) usage rate trends, (2) visibility into new member growth, and (3) the store opening pipeline in FY21." updates Chen.Shares of PLNT are down 1.15% in premarket trading.Review Planet Fitness' recent earnings call transcript.

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Planet Fitness lower after ratings cut from Cowen