UPDATE: Goldman Sachs Downgrades Western Refining to Neutral

Goldman Sachs downgrades Western Refining

from a Buy to a Neutral rating and remains at a $25 price target. Goldman Sachs notes, “Following strong absolute and relative (versus refining peers and XLE) share price performance, we downgrade Western shares to Neutral from Buy. While we still show a solid 22% upside to our $25 target price for Western, this is now less than the 29% average upside we show for the refining sector. Since being added to the Buy List on August 10, 2011, Western shares are +44.9% versus +4.3% for the XLE and +21.2% for the S&P 500. Over the last 12 months, Western shares are +40.1% versus +6.8% for the S&P500.” WNR closed at $21.19 yesterday.