NEW YORK (TheStreet) -- Cobalt International Energy (CIE) was downgraded by analysts at Goldman Sachs this morning to "neutral" from a "buy" rating.

Analysts at the firm set their 12-month price target at $9 on shares of the oil exploration and production company.

Goldman Sachs said it sees lower value for the company's deep-water business.

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Separately, an investor who purchased shares of Cobalt International Energy filed a lawsuit against the company in the U.S. district court for the southern district of Texas over alleged violations of federal securities laws.

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The lawsuit is in connection with certain allegedly false and misleading statements made between February 21, 2012 and November 4, 2014.

Shares of Cobalt International Energy are higher by 0.38% to $7.85 this morning.

CIE data by YCharts

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