UPDATE: Goldman Sachs Lowers PT on Gap to $17

Goldman Sachs is out with its report today on Gap GPS, lowering its PT from $20 to $17. In a note to clients, Goldman Sachs writes, "We further lower our margin estimates, taking our 2011/12/13 EPS to $1.44/1.45/1.53 from $1.71/$1.73/1.83. We also lower our 6-month target to $17 from $20 (still based on 12x PE and 5x EV/EBITDA)." Goldman Sachs maintains Sell on GPS. At the time of posting, shares of GPS were trading pre-market at $19.25, down 17.35% from Thursday's close.