{"id":62676,"date":"2023-09-18T19:20:33","date_gmt":"2023-09-18T23:20:33","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/planet-fitness-loses-a-bull-with-ceo-departure\/"},"modified":"2023-09-18T19:20:37","modified_gmt":"2023-09-18T23:20:37","slug":"planet-fitness-loses-a-bull-with-ceo-departure","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=62676","title":{"rendered":"Planet Fitness Loses A Bull With CEO Departure"},"content":{"rendered":"
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Jefferies analysts are stepping back on
\n Planet Fitness
\n following last week\u2019s leadership news. <\/p>\n

On Friday, Planet Fitness (ticker: PLNT) shares tumbled 16% after the fitness chain announced the departure of CEO Chris Rondeau and named a new interim CEO, effective immediately.<\/p>\n

\n

Jefferies analysts led by Randal Konik lowered their rating on Planet Fitness stock to Hold from Buy, slashed the price target to $56 from $90, and lowered estimates in a Monday report, arguing that a combination of factors including the leadership change will likely weigh on the company\u2019s growth potential.<\/p>\n

\u201cGiven Chris was integral in PLNT\u2019s geographic-expansion efforts, it is well understood that Chris built and maintained strong relationships with the company\u2019s franchisees throughout his tenure,\u201d the Jefferies analysts wrote, adding that Rondeau\u2019s exit could potentially impact those relationships, especially amid inflationary pressures in terms of labor, wages and construction costs, plus higher interest rates. <\/p>\n

Case in point, management has mentioned the cost to build a new gym is about 25% higher than before the pandemic, Jefferies noted. \u201cWe believe these construction headwinds alongside higher debt service are a primary reason franchisees are no longer building ahead of schedule or are starting to leverage the grace periods laid out in their contracts.\u201d The analysts slashed estimates for new store openings over the next few years.<\/p>\n

Shares were ticking 1.2% lower to $49.70 in premarket trading. Coming into Monday\u2019s session, the stock has fallen 36% so far this year.<\/p>\n

Write to Emily Dattilo at emily.dattilo@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Jefferies analysts are stepping back on Planet Fitness following last week\u2019s leadership news. On Friday, Planet Fitness (ticker: PLNT) shares tumbled 16% after the fitness chain announced the departure of CEO Chris Rondeau and named a new interim CEO, effective immediately. Jefferies analysts led by Randal Konik lowered their rating on Planet Fitness stock to […]<\/p>\n","protected":false},"author":1,"featured_media":62677,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-62676","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nPlanet Fitness Loses A Bull With CEO Departure | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Jefferies analysts are stepping back on Planet Fitness following last week\u2019s leadership news. 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