Can Planet Fitness Be an $80 Stock Again?
Prior to the coronavirus pandemic, Planet Fitness (NYSE: PLNT) was riding the wave of healthy lifestyles higher and its stock hit almost $89 a share.
But COVID-19 forced gyms and fitness centers to be among the first businesses closed to suppress the spread of the virus and the gym operator's stock cratered, falling below $24 a share.
Planet Fitness has clawed its way back up and it currently trades around $74 a share, with Jefferies (NYSE: JEF) analyst Randal Konik believing it can hit $80 a share. His price target got a big boost after the fitness center said it has reopened 800 locations in 30 states as of June 1 and it plans on reopening another 200 by the middle of the month.
Source Fool.com
