UPDATE: Deutsche Bank Downgrades GNC Holdings from Buy to Hold on Insider Selling

Deutsche Bank lowered its rating on GNC Holdings

from Buy to Hold and reduced its price target from $50 to $42. Deutsche Bank commented, "CEO Joe Fortunato has continued to aggressively sell shares in recent months and has reset his 10b5-1 at least 2x in ‘12 – both of which give us concern. The latest sales were under a 10b5-1 plan adopted on 5/7/12. Combined, YTD we estimate that the CEO has sold ~50% of the 1.2 million of shares granted to him under the options, even though they don't expire for another five years." GNC closed at $37.20 on Wednesday.