Leisure check: Life Time Group is upgraded by Morgan Stanley, while Harley-Davidson is cut

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Morgan Stanley checked in on leisure stocks on Monday as it evaluated the impact of affordability issues.
Analyst Stephen Grambling and his team highlighted that leisure products and services stocks have underperformed the S&P 500 this year following a pullback
Quick Insights
Fitness and drinkware sub-segments demonstrated the ability to grow margins and raise prices, while overall leisure stocks underperformed the S&P 500 due to affordability concerns.
Anticipated upside from new club growth, sustained pricing, strong membership trends, proven resilience in customer engagement, and robust risk-adjusted return prospects supported the upgrade.
Low pricing power, weak secular trends, and intense competition are expected to offset any cyclical recovery, likely causing further downward earnings revisions.
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SymbolLast Price% ChgHOG–Harley-Davidson, Inc.LTH–Life Time Group Holdings, Inc.MTN–Vail Resorts, Inc.PLNT–Planet Fitness, Inc.
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