Planet Fitness investors received a tougher view from Bank of America after the gym operator’s latest earnings update reset expectations for membership growth, pricing, and the company’s near-term stock setup.

Bank of America downgraded Planet Fitness to neutral from buy and lowered its price objective to $59 from $110, according to the Bank of America note given to TheStreet. The new target still represented 34.1% upside from the $44.01 share price listed in the note, although the size of the cut showed a much more cautious outlook after earnings.

The firm said Planet Fitness lowered its 2026 outlook after weaker-than-expected first-quarter sign-ups, changes to its marketing strategy, and the decision to skip a planned…