UPDATE: Goldman Sachs Downgrades Cepheid to Neutral on Lack of Catalysts

Goldman Sachs reduced its rating on Cepheid

from Buy to Neutral and reduced its price target from $42 to $32. Goldman Sachs commented, "We downgrade shares of CPHD to Neutral from Buy and lower our 6-month price target to $32 ($42 previously) as we believe CPHD is now a “show-me” story that requires several quarters of solid management execution (following several missteps) to garner the premium valuation is had previously ascertained. Since adding CPHD to the Buy List on 9/23/11, the shares are -19.3% vs. the S&P 500 +19.7%, given operational missteps and slowing growth. Over the past 12 months, CPHD is -8.2% vs. S&P 500 +9.9%." Cepheid closed at $30.53 on Friday.