UPDATE: Goldman Sachs Raises PT on Nuance Communications to $19 (NUAN)

Goldman Sachs is out with its report today on Nuance Communications (NASDAQ: NUAN), raising its PT from $18 to $19.

In a note to clients, Goldman Sachs writes, "We lift our EPS estimates modestly given the top line upside in the quarter. Our revised FY2011/2012/2013 non-GAAP EPS estimates are $1.30/$1.42/$1.52 versus $1.28/$1.36/$1.47 prior. We lift our 12-month price target to $19.00 from $18.00 due to the modestly higher estimates and a higher target multiple (16X our taxed CY12 EPS from 15X prior) given increased investor interest in speech as a secular theme."

Goldman Sachs maintains Sell on NUAN.

Shares of NUAN closed Tuesday at $21.62, down 0.64% from Monday's close.