UPDATE: Goldman Sachs Lowers PT on Urban Outfitters to $31 (URBN)

Goldman Sachs is out with its report today on Urban Outfitters URBN, lowering its PT from $34 to $31. In a note to clients, Goldman Sachs writes, "Our EPS estimates are unchanged, but we lower our six-month target price to $31 from $34 using multiples consistent with somewhat higher near-term earnings risk. Our price target is based on 2H11E/1H12E P/E and EV/EBITDA multiples of 17X and 8X (from 19X and 9X prior)." Goldman Sachs maintains Neutral on URBN. At the time of posting, shares of URBN were trading pre-market at $30.36, down 3.03% from Thursday's close.