UPDATE: Goldman Sachs Downgrades M/A-COM Technology Solutions on Valuation

In a report published Tuesday, Goldman Sachs analyst Mark Delaney downgraded the rating on

from Buy to Neutral, but reiterated the $17.00 price target. In the report, Goldman Sachs noted, “We downgrade M/A-COM (MTSI) to Neutral from Buy due entirely to valuation, as the stock is trading above our 12-month, $17 price target (which is unchanged and based on 15X normalized EPS of $1.15), and our estimates are in line to modestly above the Street. Since adding MTSI to the Buy List on 9/6/12, the shares are up 53% vs. the S&P 500 up 17%.” M/A-COM Technology Solutions Holdings closed on Monday at $17.75.