- Piper Sandler Analyst Peter J. Keith reiterated an overweight position on the shares of Xponential Fitness Inc XPOF with a target price of $34.
- The analyst said Xponential’s first fifteen months as a public company have been remarkably similar Planet Fitness Inc PLNT.
- Keith added that while Xponential shares have been a bit more volatile against the backdrop of the market, both stocks have mostly traded in the $15-$20 range.
- also read: Carnival’s Princess Cruise brand signs a pact to add Xponential Fitness content
- The analyst cited channel checks and anecdotal observations suggesting boutique studio memberships and usage rates accelerated in the third quarter.
- With ample opportunity to grow units across his 10 distinct fitness areas, Keith sees a 5-year unit growth CAGR of 14%, one of the best in the coverage universe.
- Keith notes that franchisees see XPOF as a very well run organization that is both responsive and provides a solid “recipe” for franchisees to follow to be successful.
- Price promotion: XPOF shares are trading up 3.32% at $18.85 on the latest check Wednesday.
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