Analyst Sean Naughton of Piper Jaffray weighed in on GNC Holdings Inc (NYSE:GNC) following the exit of the company’s CEO.

The analyst points to limited visibility on the future of the business. He states, “Despite slightly better than expected revenues and strong free cash flow, we are concerned about the departure of the CEO, the suspension of guidance and deceleration of trends to start July. While we do believe there is value in the GNC brand, we are incrementally concerned about the declines in same store sales trends, declines in mall traffic, and large store base.”

The analyst downgrades the company from Overweight to Neutral and cuts his price target to $20 from $38.

According to TipRanks, Sean Naughton has a 58% success rate recommending stocks with an average return of 5.5% per recommendation.