UPDATE: Goldman Sachs Upgrades GNC Holdings to Buy Sales, Earnings Trajectory Into 2014

Goldman Sachs upgraded GNC Holdings

from Neutral to Buy and raised the price target from $44.00 to $50.00. Goldman Sachs commented, "We upgrade GNC to Buy (from Neutral) as we expect the trajectory for sales and earnings is likely to sustain a stable-to-expanding multiple after a lengthy period of deceleration and multiple contraction. The story's underlying appeal relates to wellness exposure / rapid category growth; an emerging global presence in a potent category; heavy private brand representation that protects margins and provides shelter from online incursions; a new marketing campaign; and shareholder-friendly capital allocation. A successful transition for the firm's Gold Card loyalty program is the lynchpin of our thesis." GNC Holdings closed at $40.60 on Friday.