UPDATE: Goldman Sachs Lowers Price Target on Darden Restaurants to $50

According to Goldman Sachs, Darden Restaurants (NYSE: DRI) price target is lowered to $50.

Goldman Sachs said that it lowers its fiscal 2012/2013/2014 estimates to $3.64/$4.24/$4.70 from $3.83/$4.38/$4.71 to reflect a slower turnaround at Olive Garden and nearterm margin erosion driven by price/value investments. “We lower our P/E and DCF-based 12-month price target by $5 to $50 to reflect lower estimates and a 1pt lower 12X multiple on OG weakness.”

Darden Restaurants closed yesterday at $21.30.