UPDATE: J.P. Morgan Raises GNC's PT

According to a research report published this morning, J.P. Morgan has increased GNC's

PT from $39 to $48. J.P. Morgan said in the report, "We are raising our 2012 and 2013 EPS forecasts to $2.06 and $2.38, respectively, reflecting the 1Q beat and updated outlook. We are increasing our Dec. 2012 price target to $48 (previously $39) based on ~20x our 2013 EPS estimate. We believe a premium multiple is justified given robust top- and bottom-line growth from favorable company and industry dynamics. The multiple is also roughly in line with its peer group's FY1 valuations." J.P. Morgan maintains its Overweight rating on GNC, which closed yesterday at $39.89.