UPDATE: Feltl & Company Reiterates Strong Buy, $70 PT on Expansion, Growth Outlook

Feltl & Company reiterates its Strong Buy and $70 price target on Life Time Fitness

as the company grows into new, high-quality locations. Feltl & Company comments, "The Mount Laurel township board gave final approval to Life Time Fitness's plan to build a 102,000 square foot facility in that suburban Philadelphia location. … After opening three units annually the last several years, growth will accelerate in 2013 or 2014 when LTM's development increases to 4-5 units annually. We believe the majority of the accelerated openings will be in East Coast or California (see our note May 16 note on LTM expanding to Laguna Nigel in Orange County) locations starting next year, which makes this growth much greater than it appears." Life Time Fitness closed at $47.69 on Tuesday.