UPDATE: Goldman Sachs Cuts PT to $14 on Barnes & Noble

Goldman Sachs lowers its target price from $15 to $14 on Barnes & Noble

as the antitrust action in ebook market is yet another obstacle to profitability. Goldman Sachs comments, "We see risk to BKS from two sources: (1) Lower book prices could reduce gross margin in the ebook business, impeding an already precarious model (EBITDA losses through our forecast horizon). (2) Hastening the migration of book sales online, and away from the physical channel which, despite its secular challenges, is generating all of the firm's free cash flow, and, in our view, most of its value." BKS closed at $10.98 on Thursday.