UPDATE: Goldman Sachs Cuts PT to $2.60 on Tellabs on Special Dividend

Goldman Sachs reiterated its Neutral rating on Tellabs

and lowered its price target from $3.50 to $2.60. Goldman Sachs commented, "We lower our 12-month price target to $2.60 from $3.50 to reflect the payment of the $1.00 special dividend on December 21. Tellabs' shares trade ex-distribution on December 24 (one trading day after the Dec 21 payable date) because the dividend is greater than 25% of the company value according to FINRA Rule 11140." Tellabs closed at $3.49 on Friday.