Planet Fitness' (PLNT) investor day takeaways were "largely positive" with achievable financial targets for the next three years, RBC Capital Markets said in a Friday note.

The company's Gen Z members has tripled since 2020, reaching approximately 6 million, representing the largest driver of member growth across all age cohorts, RBC analysts said. They noted secular trends support the growth as health-conscious younger generations age into becoming potential members.

More real estate options are becoming available for new locations, and franchise owners are seeing internal rates of return above the mid-20% range, which could encourage unit growth acceleration, the analysts said.

The company is piloting additional premium features for its Black Card membership tier in preparation for a planned price increase in 2026, aiming to add more value to the higher-tier membership, according to the note. Notably, in a bid to drive conversion from existing Classic Card members, Planet Fitness is replacing some walls with glass to make the Black Card Spa area more visible and showcase new amenities, the note said.

RBC maintained the company's stock rating at outperform and raised the price target to $120 from $115.

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