UPDATE: Solazyme Downgraded by Goldman Sachs on Short-Term Valuation

Goldman Sachs analyst Brian Lee downgraded Solazyme (NASDAQ: SZYM) Tuesday morning, lowering rating from Buy to Neutral and a price target of $13.50.

Lee explains the rating change, "We remain positive on the longer-term potential for Solazyme and see 2014 as a pivotal execution year as the company moves toward full-scale, commercial volume production. However, we believe the next 12+ months are likely to be largely transitional with regards to reaching financial milestones, ahead of a more meaningful steady-state volume and margin performance year in 2015."

SZYM closed Monday's session at $12.29 and opened Tuesday at $12.04.