UPDATE: Goldman Sachs Lowers PT on KAR Auction Services to $14.50

Goldman Sachs is out with its report today on KAR Auction Services

, lowering its PT from $15.50 to $14.50. In its report, Goldman Sachs writes, "We value KAR using a 50/50 blend of relative P/E and EV/EBITDA. Our 12-month price target declines to $14.50 from $15.50, despite our slightly higher estimates, on mark-to-market of the relative portion of our analysis." Goldman Sachs maintains Neutral on KAR. At the time of posting, shares of KAR were trading at $12.36, up 1.23% from Wednesday's close.