UPDATE: Goldman Sachs Downgrades Express Scripts Holding Company

In a note released Thursday morning, Goldman Sachs analyst Robert Jones downgraded shares of Express Scripts Holding Company ESRX from Buy to Neutral and maintained a $75 price target.

Jones' downgrade comes on the sentiment that Express shares have adequately priced in the company's growth prospects. Jones commented, "While ESRX will continue to play a critical role in reducing client drug spend, we do not see generics, mail, and formulary tools driving historic organic growth rates."

Looking to the company's balance sheet, Jones noted Express has plenty of "M&A firepower." However, he said there a few M&A opportunities within Express's core business. This means any M&A activity would likely be outside the company's core and thus pose integration risks.