UPDATE: Goldman Sachs Lowers PT to $22 on Great Plains Energy

Goldman Sachs maintains its Buy rating on Great Plains Energy GXP an Q4 beat, but reduces its price target by $1 to $22 as the company lowers 2012 guidance. Goldman Sachs says, "After 4Q2011 earnings, where GXP beat our estimate by $0.01 but lowered 2012 guidance by almost 10%, we reduce estimates to reflect (1) revised wholesale revenue assumptions weighing on 2012 regulated earnings, (2) updated rate case assumptions – including a 1 month delay in Missouri, a higher-than-expected equity ratio and removal of 1x items incurred in the test year, (3) decreased O&M assumptions, and (4) 4Q2011 results." GXP closed at $19.82 a share on Tuesday.