UPDATE: Citigroup Downgrades Goldman Sachs Group to Neutral on Valuation

Citigroup downgraded Goldman Sachs Group

from Buy to Neutral and raised the price target from $140.00 to $150.00. Citigroup noted, "While we view GS as among the leading global capital markets franchises and expect mgmt to continue to take steps to recalibrate the business model to get to mid-teen returns and return excess capital to shareholders –- we see GS shares as nearing fair value given our ‘13-‘15 ROTE expectations of 11-12% and our long-term expectations of approximately 15%. Following better comp control coming out of 4Q results, we raise our target to $150 and downgrade shares to Neutral. Note our downgrade is largely a valuation call as our estimates are 6% and 3% ahead of 13/14 consensus." Goldman Sachs Group closed at $144.96 on Thursday.