UPDATE: Goldman Sachs Downgrades CVR Energy on Overvaluation

In a report published Sunday, Goldman Sachs analyst Arjun N. Murti downgraded CVR Energy CVI from Neutral to Sell and lowered its price target from $60 to $56.

In the report, Goldman Sachs attributed its downgrade of the stock to, “(1) underperformance versus peers based on relative valuation with the refining sector showing on average 31% upside and (2) lack of visible catalysts with chances of future special dividends becoming increasingly uncertain given decreased ownership stakes in CVRR and UAN.”

CVR Energy closed Friday at $59.64.