UPDATE: Goldman Sachs Lowers PT on Hewlett-Packard to $30

Goldman Sachs is out with its report today on Hewlett-Packard HPQ, lowering its PT to $30 from $34. In its report, Goldman Sachs writes, "We lower our 12-month price target to $30 from $34 and remain Neutral rated. Our price target is based on a P/E multiple of 7X (unchanged) our CY2012E EPS of $4.45 (formerly $4.84). This multiple reflects a steep discount to the stock's 1-year, 5-yearm and 10-year averages as well as to the rest of our coverage. We believe this is appropriate, given the ongoing business model changes, macro pressures, and increasing uncertainty over the longer-term earnings trajectory." At the time of posting, shares of HPQ were trading pre-market at $23.94, down 18.87% from Thursday's close.