UPDATE: Goldman Sachs Lowers PT on Yum! Brands to $47

Goldman Sachs is out with its report today on Yum! Brands

, lowering its PT from $50 to $47. In its report, Goldman Sachs writes, "We adjust our 2011/2012/2013 estimates to $2.85/3.13/3.59 from $2.80/$3.15/$3.60. The 2011E EPS comes up on a lower tax and interest rate, while out years come down on the strong USD. We lower our P/E and DCF-based 12-month price target to $47 from $50, 15X forward EPS, to reflect the modestly lower out-year estimates and a lower market multiple." Goldman Sachs maintains Sell on YUM. At the time of posting, shares of YUM were trading at $48.44, up 0.67% from Wednesday's close.