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Here are Monday’s biggest analyst calls: Planet Fitness, Lyft and more

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Here are the biggest calls on Wall Street on Monday. Raymond James upgrades Planet Fitness to strong buy from market perform Raymond James said in its upgrade that Planet Fitness is still in great shape despite its pullback. “The stock is well off its highs from last fall and has been notably weak of late, underperforming the broader market despite its resilient and recession-resistant business model and our expectations for healthy growth in 2023. Further, PLNT has no interest rate risk and very little near-term debt maturities, while current valuation is well below its recent historical average.” UBS downgrades Lyft to neutral from buy UBS said in its downgrade that it’s skeptical that Lyft can deliver industry-level top line growth “We are downgrading shares of Lyft to Neutral from Buy and reducing our ests. We model ’24E Adj EBITDA of $671M, below the co’s $1B EBITDA target (and Street at $868M), given 1) below target top line ests, 2) concerns the co may reinvest and 3) concern around rising insurance costs beyond 3Q.” Jefferies downgrades Anheuser-Busch InBev to hold from buy Jefferies in its downgrade that the beer company is not as cheep as its peers. “Delivering on the equity story but moving to the sidelines. ABI is on a firmer footing and is successfully addressing each of the bear points in its equity story. Execution is improving and deleveraging on track. The company is delivering on numbers and whilst we continue to see attractions, it is not as cheap vs peers as headlines suggest and is well-loved by the sell-side with 70% BUYs vs HEIA/CARLS 50%. We are -3.8% below cons F24E EPS.” Morgan Stanley upgrades Helmerich & Payne to equal weight from underweight Morgan Stanley said the petroleum contract drilling company has earnings growth potential the above-average capex upside “Key drivers of our HP upgrade is that we see peer-leading FCF revisions potential despite modeling below avg. EBITDA upside and above avg. capex upside. Additionally, we see strong downside protection for HP shares, supported by the net cash position we forecast for the company by calendar year-end 2022.” –With reporting by Michael Bloom

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