UPDATE: Goldman Sachs Initiates Sigma-Aldrich at Neutral; Defensive Play in Offensive Environment

Goldman Sachs initiated coverage on Sigma-Aldrich

with a Neutral rating and a $80.00 price target. Goldman Sachs commented, "SIAL is currently trading at a slightly premium to its LT average relative P/E multiple against both the tools group and the S&P 500 which suggests the market prefers more defensive plays in life sciences. However, we have a positive view on the sector for 2013 and as such believe the market should prefer higher risk assets within tools and we see limited multiple expansion with SIAL likely to trade in line with its historical average, hence our Neutral rating." Sigma-Aldrich closed at $77.91 on Tuesday.