UPDATE: Goldman Sachs Raises PT on Patterson Companies to $34

Goldman Sachs is out with its report today on Patterson Companies PDCO, raising its PT from $31 to $34. In a note to clients, Goldman Sachs writes, "Our 12-month price target goes to $34 from $31, equally based on P/E and EBITDA) on model roll-forward and increased multiples as we have moved past an equipment promotion overhang. Our applied P/E multiple is now 16.8X from 14.1X prior, a premium to the five-year average and reflective of our positive view on the group." Goldman Sachs maintains Neutral on PDCO. Shares of PDCO closed Thursday at $35.11, down 0.06% from Wednesday's close.