UPDATE: Piper Jaffray Raises PT on Town Sports to $5 (CLUB)

Piper Jaffray is out with its report today on Town Sports CLUB, raising its price target from $4 to $5. In a note to clients, Piper Jaffray writes, "Town Sports reported adjusted December quarter results essentially in-line with Street expectations. GAAP Sales and earnings upside during the December quarter was due to the one-time recognition of expired and unused personal training revenues. The past year represents incremental improvement to most key attributes, and Town Sports is better positioned for 2011. We are maintaining our CY11 earnings estimates and initiating CY12 estimates that represent solid sales and earnings improvement. We are increasing our price target from $4 to $5 (25x CY12 EPS) as Town Sports business continues to turn positive. Reiterate Overweight rating." Shares of CLUB closed Tuesday at $4.18, up 0.24% from Friday's close.