UPDATE: Goldman Sachs Lowers PT on Granite Construction to $22

Goldman Sachs is out with its report today on Granite Construction GVA, lowering its PT from $25 to $22. In its report, Goldman Sachs writes, "We lower our 2011/2012/2013 EPS estimates to $1.00/$1.20/$1.50 from $1.10/$1.40/$1.75, previously, to account for the EPS miss and lower margins from increasingly intense competition. We also lower our 12-month price target to $22 from $25. Our price target is based on 16.0X 2013E EPS discounted back 1-year." Goldman Sachs maintains Sell on GVA. Shares of GVA closed Friday at $19.98.