Planet Fitness (PLNT) stock plummeted 5.14% during intraday trading on Friday, pressured by a series of analyst rating downgrades and significant reductions in price targets.

The negative sentiment follows the company's first-quarter earnings call, during which management struck a cautious tone and discussed a "growth reset." This prompted numerous financial institutions to reassess their outlook on the fitness chain.

Major firms including Morgan Stanley, TD Cowen, BofA Securities, Deutsche Bank, and JP Morgan all downgraded their ratings or slashed their price targets for Planet Fitness. Morgan Stanley's cut was particularly severe, downgrading the stock to Equalweight from Overweight and reducing its price target to $47 from $117. Other notable cuts saw targets lowered to between $50 and $65, down from previous targets that often exceeded $90.