UPDATE: Goldman Sachs Downgrades Delphi Automotive PLC to Neutral, Raises PT Following Removal from Conviction List

In a report published Tuesday, Goldman Sachs analyst Patrick Archambault downgraded the rating on

from Conviction List Buy to Neutral, but raised the price target from $57.00 to $58.00. In the report, Goldman Sachs noted, “We are removing shares of Delphi from the Americas Buy List and downgrading to Neutral as we now see only 6% upside to our six-month price target of $58. We continue to see Delphi as a good secular growth story driven by an ongoing content opportunity in Electronics, Electrical Distribution and Powertrain. That said, with the stock trading at 7.9x on NTM EV/EBITDA vs. 6.4x in January and the group's historical average of 5.4x, we believe the risk reward is fairly balanced at current levels. Since being added to the Buy List on December 27, 2011, the stock is up 154.0% vs. the S&P up 33.0%. During the last 12 months, DLPH shares are up 104.7% vs. the S&P up 24.0%.” Delphi Automotive PLC closed on Monday at $54.77.