UPDATE: Goldman Sachs Lowers PT on Home Inns & Hotels Management (HMIN)

Goldman Sachs is out with its report today on Home Inns & Hotel Management HMIN, lowering its PT from $53 to $52. In a note to clients, Goldman Sachs writes, "We fine-tune our 2011E-2013E EPS by -1% to +3% on 1Q's cost run-rates and 2010 annual report disclosures, with a new 12-month TP to US$52.00 (from US$53.00), still based on 15X 2011E EV/EBITDA. While valuation is undemanding at 11.4x 2011E EV/EBITDA with a 21% EBITDA CAGR over 2010- 2013E, we see uncertainties on pricing and timing of potential M&A as a share price overhang in the near term. We maintain our Neutral rating." Shares of HMIN closed Monday at $40.34, down 0.27% from Friday's close.