UPDATE: Goldman Sachs Downgrades OfficeMax to Neutral

Goldman Sachs is out with its report today on OfficeMax OMX, downgrading OMX from Buy to Neutral. In its report, Goldman Sachs writes, "We are downgrading OMX to Neutral from Buy and cutting our 12-month price target to $8.25 from $12.50. We see a challenged firm, in a challenged sector, with few catalysts, and an operating leverage profile that could work against it in a downturn. We are raising our 2011 forecast after last week's 2Q beat but cutting 2012 and 2013. Our recommendation has not been successful, as OMX fell short of forecasts earlier in 2011, and modest valuation did not protect the stock." Shares of OMX closed Friday at $6.92, down 3.62% from Thursday's close.