UPDATE: Goldman Sachs Downgrades Great Plains Energy to Neutral, Reiterates $23 PT on Relative Valuation, Lack of Catalysts

In a report published Wednesday, Goldman Sachs analyst Michael Lapides downgraded the rating on Great Plains Energy

from Buy to Neutral, but reiterated the $23.00 price target. In the report, Lapides noted, “We downgrade GXP to Neutral from Buy given relative valuation and limited or few positive catalysts to drive outperformance from here. Our $23, 12-month target price implies only 3% total return versus 11%, on average, for Buy-rated names under coverage. Since being added to the Americas Buy list on June 12, 2011, GXP is up 14% versus the sector index up 19% and the S&P 500 up 24%. After initially underperforming on disappointing guidance and demand, GXP outperformed YTD after relatively constructive rate case outcomes in Missouri/Kansas and better 2013 EPS guidance than many investors expected.” Great Plains Energy closed on Tuesday at $23.19.