UPDATE: Goldman Sachs Downgrades Tesla Motors to Neutral, Raises PT Following 1Q Results

In a report published Thursday, Goldman Sachs analyst Patrick Archambault downgraded the rating on Tesla Motors

from Buy to Neutral, but raised the price target from $45.00 to $61.00. In the report, Archambault noted, “Following 1Q results we are downgrading shares of Tesla to Neutral. Our view of company fundamentals has not changed. We see TSLA as having the right product, business model, and team to succeed and its growth outlook has real scarcity value. However, with the shares up 59% since its Mar 19 trough (vs. S&P 500 up 5.4%) we now see only 9% upside to our new 6-month $61 price target on yesterday's close, making risk/reward more evenly balanced. Since we added Tesla to the Buy List on January 17, 2012 shares have risen 110% vs. the S&P 500 up 25%. Over the past 12 months the shares are up 85% vs. a gain of 15% for the S&P 500.” Tesla Motors closed on Wednesday at $55.79.