UPDATE: Goldman Sachs Downgrades Noble Energy to Buy from Conviction Buy on Reduced Upside

Goldman Sachs downgraded Noble Energy

from Conviction Buy to Buy and announced a $134.00 price target. Goldman Sachs commented, "We remove Noble Energy from the Americas Conviction List following: (1) reduced though still attractive upside following recent relative outperformance; (2) our preference to add gas exposure on our Conviction List; and (3) fewer high-impact catalysts over the next six months relative to our outlook for 2012. Our estimates and 12-month, DCF- and multiples-based target price of $134 is unchanged. Since adding NBL to the Conviction Buy List on August 10, 2011, the shares are +34% vs. EPX - 3% and S&P +35%." Noble Energy closed at $111.59 on Friday.