UPDATE: Jefferies Initiates Coverage on GNC Holdings on Top Pick Status

In a report published Tuesday, Jefferies analyst Mark Wiltamuth initiated coverage on

with a Buy rating and $68.00 price target. In the report, Jefferies noted, “We view GNC as a ‘Growth at Reasonable Price' story and it is our top stock pick. We believe the May 2013 rollout of new Gold Card member pricing sets the company up to accelerate to double-digit comps and 23% EPS growth 2013-2014. Current valuation of 15.5x 2014 P/E looks attractive vs. this growth outlook. GNC has the lowest P/E to growth ratio in our universe.” GNC Holdings closed on Monday at $54.46.