UPDATE: Piper Jaffray Raises PT to $58 on Life Time Fitness

Piper Jaffray increases its price target from $56 to $58 on Overweight-rated Life Time Fitness

as slower membership growth is offset by price increases. Piper Jaffray notes, "LTM reported a slight $0.01/share beat versus our estimate and consensus driven primarily by gains in membership dues, in-center revenues and expense discipline. Although investors were disappointed by a weaker-than-anticipated gain in new memberships and attrition rate, we are not as concerned given improvements in operating margins. Overall, we remain constructive on shares of LTM and view this pullback as a good entry point as the fundamentals of the story are still intact." LTM closed at $45.15 on Thursday.