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Piper Sandler downgrades Planet Fitness, says many people may stick with at-home fitness options

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A person works out at Planet Fitness as they re-open at 25 percent capacity in Boston’s Dorchester on Feb. 1, 2021.

Jessica Rinaldi | Boston Globe | Getty Images

Shares of Planet Fitness could stall amid a soft recovery for gyms, Piper Sandler said in a note on Thursday.

The investment firm downgraded the stock to neutral from overweight, citing results from a proprietary survey that showed interest in returning to a public gym is still sluggish even as vaccines become more widespread.

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