Imperial Capital analyst George Kelly lowered his price target for Town Sports International to $11 saying the company reported another "mixed" quarter. The analyst remains positive on the shares but lowered his estimates to reflect rising churn and modest cost pressure in the organic business. While recent quarterly reports have been choppy, Town Sports' "sizeable" free cash flow yield should provide valuation support and give management flexibility to pursue additional acquisitions and/or "shareholder friendly" actions, Kelly tells investors in a research note. He keeps an Outperform rating on the shares.