Life Time (LTH) is set to post solid Q2 results, offering a "bright spot" in a struggling discretionary backdrop, Oppenheimer said in a Wednesday report. The Q2 results are due July 30.

Memberships at the operator of high-end health clubs are expected to end Q2 at 856,000, up 18,000 from a year ago, the report said. Revenue is forecast to grow 10%, largely in line with market consensus.

The company's underlying fundamental momentum remains intact and could accelerate further despite potential for some type of knee-jerk pullback, according to the note.

"We are optimistic that accelerating new unit expansion should help to bolster somewhat membership growth and lend to improved operational leverage," the note said.

Oppenheimer kept its outperform rating and a $60 price target.

Price: 45.99, Change: +0.36, Percent Change: +0.79