UPDATE: Goldman Sachs Lowers PT to $15 on Barnes and Noble

A report from Goldman Sachs reiterates its Neutral rating and lowers its price target from $16 to $15 on Barnes and Noble (NYSE: BKS).

The report states, “BKS's October quarter results revived legitimate questions about the profit trajectory of the Nook business. Retail and College showed well, on good cost control and favorable gross margin trends. But, Nook-related revenue decelerated sharply and fell short of our estimates; .com margins, even adjusted for one-off factors, failed to advance sequentially for the first time in six quarters; and the company directed forecasts to the low end of its guided range.”

BKS closed yesterday at $14.59.