UPDATE: Goldman Sachs Downgrades Ingram Micro to Neutral

Goldman Sachs is out with its report today on Ingram Micro (NYSE: IM), downgrading IM from Buy to Neutral.

In a note to clients, Goldman Sachs writes, "We downgrade IM to Neutral from Buy. When we removed IM from the CL on 4/28 due to the company's ERP setback, we maintained our Buy due to solid fundamentals (ex ERP), with yoy revenue growth of 8% in 1Q and our estimate of 6% for 2011. We also thought the stock had valuation and buyback support, with IM trading around tangible book value of $20 and a $400 mn repurchase program. However, three weeks post Ingram's report, we believe sentiment in the name is likely to languish in the near to intermediate term until the ERP issue is resolved, making it tough to justify putting new money to work. Since being added to the Buy List on 05/02/10 the stock is up 2% vs S&P 500 up 11%."

J.P. Morgan lowers its PT on IM from $23 to $20.

At the time of posting, shares of IM were trading pre-market at $18.09, down 1.95% from Monday's close.