UPDATE: Goldman Sachs Downgrades Green Dot to Neutral

According to Goldman Sachs, Green Dot GDOT is downgraded to Neutral. Goldman Sachs said that it downgraded GDOT to Neutral from Buy, as it now expects increased competition from large banks and other processors, and limited new retail distribution announcements to limit the growth profile for the model. “Since adding GDOT to the Buy List (8/15/2011), the shares are down 31.6% (vs. S&P +10.0%). Ytd GDOT is down 30.8% (vs. S&P +5.3%).” Green Dot closed yesterday at $21.61.