Planet Fitness Inc shares have been on a retreat since March. In a note released Monday, Baird said the selloff appears disconnected from strong fundamentals. The firm addressed a few topics that explains the disconnect.Not Concerned About Deferred RevenueAnalysts Jonathan Komp and Peter Benedict said they are not at all concerned about the slight dip in deferred revenue in 2016, given that a major proportion of the reported deferred revenue can be affected by factors not linked to current fundamentals. The analysts believe the metric may have grown, excluding the impact of acquisitions."Also, the deferred revenue for new units in the pipeline under signed Area Development Agreements was only down slightly ($10.026 million vs. $10.471 million) implying PLNT was able to re-fill ~three-fourths of the ~190+ units opened during the year (a bullish sign)," the analysts added.Read more