Planet Fitness (PLNT) tumbled Tuesday on a slew of Wall Street downgrades.
If you like this story, sign up for Jim Cramer's Top 10 Morning Thoughts on the MarketJefferies downgraded Planet Fitness shares to hold from buy, cutting its price target to $56 apiece from $90 apiece, citing the"recent leadership change, higher interest rates, and ongoing inflationary pressures are likely to continue to impact the company's near-term growth potential."Sign up for NBC LA newsletters.
CNBC's Jim Cramer agrees with analysts, adding that the market's reaction is telling of how vital the veteran executive was to the workout chain."He was the company for heaven's sake," Cramer said, citing Rondeau's long tenure, where he worked his way up from a front desk position nearly 30 years ago at the gym's first location.
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