UPDATE: Piper Jaffray Raises PT on Life Time Fitness from $50 to $51

Piper Jaffray has published a report on Life Time Fitness

raising the price target from $50.00 to $51.00. In the report, Piper Jaffray wrote, "LTM reported solid Q2 results driven by in-center revenue gains and higher dues per member, validating the differentiated services offered at LifeTime Fitness. Importantly, we note management is looking to re-accelerate square footage growth in 2012 as well as delivering low double digit top line growth. While economic pressures continue to force LTM to offer discounts on the enrollment fee, we believe new center expansion and improving member retention will push FY 2011 results toward the upper end of management's guidance." Piper Jaffray rated Life Time Fitness Overweight with a price target of $51.00. Life Time Fitness closed Thursday at $43.29.