UPDATE: Goldman Sachs Lowers PT on Office Depot to $4.75 (ODP)

Goldman Sachs is out with its report today on Office Depot (NYSE: ODP), lowering its PT from $5.50 to $4.75.

In a note to clients, Goldman Sachs writes, "We cut 2011 EPS to $0.03 from $0.12 and 2012 to $0.18 from $0.28, and launch 2013 at $0.18. Our 12-month price target, based on risk/reward and DCF, falls to $4.75 from $5.50 due to the estimate cuts."

Goldman Sachs maintains Neutral on ODP.

At the time of posting, shares of ODP were trading pre-market at $4.13, down 10.80% from Thursday's close.