UPDATE: Goldman Sachs Downgrades Freeport-McMoRan Copper & Gold to Neutral, Raises PT on Strong Growth Projects But Upside is Priced In

In a report published Tuesday, Goldman Sachs analyst Sal Tharani downgraded the rating on

from Buy to Neutral, but raised the price target from $36.00 to $37.00. In the report, Goldman Sachs noted, “We downgrade FCX to Neutral from Buy, as the stock trades near our price target and we do not see any near-term catalysts to drive the stock. While we remain positive on its long-term outlook on the back of its organic growth projects in copper and oil, we view these benefits as priced in. We raise our 6-month, P/E-, EV/EBITDA-, and NAV-based price target to $37 from $36 as we roll our price target methodology forward. Since being added to the Buy list on 03/18/2013, FCX is up 5.9% versus the S&P up 15.5%. We were too optimistic on our copper pricing assumption for 2013; concerns about oversupply have softened copper prices.” Freeport-McMoRan Copper & Gold closed on Monday at $35.79.