UPDATE: Goldman Sachs Raises PT on GameStop to $26

Goldman Sachs is out with its report today on GameStop GME, raising its PT from $23 to $26. In a note to clients, Goldman Sachs writes, "We raise our 12-month price target to $26 from $23, to reflect our higher forecast, and a higher relative P/E (65% from 55% previously) in our multiple valuation, given our revised industry estimate and the typical relation with GME's relative P/E. Our target is based on risk/reward analysis on P/E and LBO valuation." Goldman Sachs maintains Neutral on GME. At the time of posting, shares of GME were trading pre-market at $27.30, down 0.07% from Thursday's close.