UPDATE: Goldman Sachs Downgrades Kraton Performance Polymers to Sell

According to Goldman Sachs, Kraton Performance Polymers (NYSE: KRA) is downgraded to Sell.

Goldman Sachs said that it is downgrading KRA from Neutral to Sell after shares have risen 52% YTD (vs. SPX up 5%) following improving sentiment and signs that destocking is abating. “We raise our 12m price target by $7 to $28, or 5.2x our 2013 EBITDA, as we roll forward our earnings base year to 2013. We also lift our target multiple (was 5.0x our prior 2012 EBITDA) to reflect higher market multiples since our last price target was published.”

Kraton Performance Polymersclosed yesterday at $30.84.