UPDATE: Deutsche Bank Upgrades GNC Holdings to Buy, Solid Comps Expected

In a report published by Deutsche Bank, analyst Paul Trussell upgraded GNC Holdings

from Hold to Buy and raised the price target from $44.00 to $50.00. In the report, Deutsche Bank wrote, "Despite near-term headwinds, including tough YOY compares in 1Q/2Q, we like the set-up today, with GNC trading at just 11.7x our new FY14 EPS est. Investor fears seem more than discounted into the shares, and we see the risk/reward as now skewed favorably to the upside. Solid secular demand tailwinds, company-specific initiatives driving product innovation, brand awareness, traffic, and mgmt's track record of conservative guidance give us added confidence that GNC should meet or exceed expectations for this year and that EPS growth should remain strong in ‘14." Shares of GNC Holdings closed at $38.88 on Monday.