UPDATE: Goldman Sachs Downgrades Tenneco to Neutral, Raises PT Following Removal from Conviction Buy List

In a report published Tuesday, Goldman Sachs analyst Patrick Archambault downgraded the rating on Tenneco TEN from Conviction List Buy to Neutral, but raised the price target from $50.00 to $55.00. In the report, Goldman Sachs noted, “We are removing shares of Tenneco from the Americas Buy List and downgrading to Neutral driven by valuation. The shares are up 43% YTD and 102% since the trough of last year vs. the S&P500 18% YTD and 31% since trough and now reflecting stronger EBIT conversion on top line growth. Since being added to the Buy List on August 18, 2011, the stock is up 60.9% vs. the S&P that is up 47.5%. During the last 12 months, TEN shares are up 86.2% vs. the S&P that is up 24.0%.” Tenneco closed on Monday at $50.33.