Goldman Sachs Raises PT on GSI Commerce to $27 (GSIC)

Goldman Sachs is out with its report today on GSI Commerce (NASDAQ: GSIC), raising its price target from $25 to $27.

In a note to clients, Goldman Sachs writes, "We raise our 2011E/2012E
EPS by 7%-10% to $0.86/$1.22 (vs. $0.81/$1.11 prior), to reflect 2011
guidance, the transition of Sports Authority from product to service fee
revenue and the acquisition of Fanatics. We introduce 2013E EPS of $1.55. We raise our 6-month PT (DCF) to $27 ($25 prior) on higher margin guidance. At $25, GSIC would trade at 9X our 2011E EBITDA."

Goldman Sachs maintains Neutral on GSIC.

At the time of posting, shares of GSIC were trading at $21.44, down 3.60% from Wednesday's close.