UPDATE: Goldman Sachs Lowers PT on Rovi Corporation

Goldman Sachs reiterates a Neutral rating for Rovi Corp.

and reduced its price target from $32 to $28. Goldman Sachs notes, “While Rovi faces dual headwinds in this regard in FY12 (analog revenue decline, tough compares for opex) we would need to see evidence of a meaningful and sustainable reversal of this trend in order to become more constructive,” and went on to state, “hile this analysis suggests that Rovi's current 9X multiple is relatively in line, we note that concerns over the potential for a large acquisition as well as recent management changes have weighed on the stock as well. With that said, we have lowered the P/E component of our DCF, P/E, EV/EBITDA valuation for Rovi to 11X from 13X prior.” ROVI closed at $22.35 on Tuesday.