GNC Holding Inc. shares fell Thursday after a William Blair analyst lowered his rating on the nutrition supplement retailer. Analyst Mark Miller said in a research note that the market's expectations for sales gains in the coming years are too aggressive and indicated that the retailer's strength is diminishing. Miller said that he expects its revenue from established stores to slow in the second half of the year. While the analyst said the vitamin and supplement category has typically been resilient in softer economic conditions in the past, he said there are industry indicators that suggest this will not hold true in the fourth quarter. He lowered GNC's rating to "Underperform", which is considered a sell rating. Shares of GNC fell $2.26 , or 4.2 percent, to $51.50 in afternoon trading. That outpaced a broader market dip. Its stock price is up nearly 38 percent for the past year.
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