UPDATE: Goldman Sachs Lowers PT on Darling International to $20

Goldman Sachs is out with its report today on Darling International (NYSE: DAR), lowering its PT to $20 from $21.

In its report, Goldman Sachs writes, "We lower our 12-month EV/EBITDA based target price by $1 to $20 to reflect multiple compression across peers. We remain Buy-rated as we favor DAR's direct exposure to elevated crop commodity prices as well as the structural tailwind from expanded biodiesel production which disproportionately benefits DAR's by-products. However, with the slower 3Q in store, we acknowledge near-term catalysts are less obvious at this stage."

Goldman Sachs maintains Buy on DAR.

Shares of DAR closed Friday at $15.18, down 3.07% from Thursday's close.