UPDATE: Goldman Sachs Lowers PT on Garmin to $30

Goldman Sachs is out with its report today on Garmin (NASDAQ: GRMN), lowering its PT from $35 to $30.

In a note to clients, Goldman Sachs writes, "We are lowering our 12-month price target to $30 from $35, based on an unchanged multiple of 14X our CY2012 GAAP EPS estimate of $2.17."

Goldman Sachs maintains Neutral on GRMN.

At the time of posting, shares of GRMN were trading pre-market at $31.35, down 2.70% from Monday's close.