UPDATE: Goldman Sachs Lowers Price Target on Higher One Holdings to $20

According to Goldman Sachs, Higher One Holdings ONE price target is lowered to $20. Goldman Sachs said that ONE reported 4Q11 revenue of $41.7mn, missing the forecast of $53.2 mn. “Our 12-month price target of $20 is based on a weighted-average model incorporating our sector-relative investment framework, CY2012E P/E of 21.9X, EV/EBITDA multiples, and M&A premium.” Higher One Holdings closed yesterday at $18.02.