OfficeMax downgraded to neutral

Naperville, Ill. Goldman Sachs downgraded office-supplies retailer OfficeMax to “neutral” from “buy,” citing valuation.

Goldman said it believes OfficeMax is still well -positioned, in part due to its exposure to a mid/late-cycle recovery in corporate spending, as well as a liquid balance sheet.

However, the broker added that upside is now limited after a 46% gain for the stock since the end of October, compared with a 17% gains for the retail sector.