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GNC Stock Price Target Lowered at Jefferies

NEW YORK (TheStreet) -- Jefferies dropped its stock price target to $20 from $27 on GNC (GNC) this morning after the retailer's CEO Mike Archbold announced yesterday he was exiting the company.

The firm maintained its "hold" rating on the stock and said it sees further downside risks to estimates.

"GNC continues to show comp deterioration driven primarily by poor trends in vitamins and food/drink and declines at mall-based stores," Jefferies continued in an analyst note. "SG&A control was sound in the qtr, but gross margins were far worse on deleverage from negative comps, a shift away from proprietary brands, and weak margins at"

The company had reported better-than-expected second...