UPDATE: Goldman Sachs Color On PCLN Downgrade

Goldman Sachs, which downgraded shares of priceline.com PCLN, is providing color on the stock. “We are downgrading Priceline shares to Neutral from Buy as we believe that the anticipated deceleration may arrive sooner than we expected,” Goldman Sachs writes. “We maintain our DCF and multiples derived 6-month price target of $600, implying 12% upside to yesterday's closing price. “Since our upgrade to Buy on June 15, 2010, Priceline shares are up 187% compared with the S&P 500 up 20%; over the past12 months shares are up 116% versus the S&P 500 up 15%.” Priceline closed Thursday at $533.97.