Most of the upside for Wal-Mart‘s stock is now behind it after its big run this year, according to Goldman Sachs.

The firm on Monday lowered its rating for Wal-Mart shares to neutral from buy, citing valuation.

We downgrade “as the firm’s progress in growing earnings while investing in its business has been recognized by the market, as the stock’s multiple has surged,” analyst Matthew Fassler wrote in a note to clients.

Shares of Wal-Mart are up 41 percent year to date through Friday versus the S&P 500’s 15 percent return.

Fassler noted the retailer’s forward price-to-earnings multiple is 21 times, which is a 15 percent valuation premium to the S&P 500.

“From here, though, the stock looks fairly valued,” he wrote. “Benchmarked vs. global peers, even on our new, higher numbers, the stock does not offer value for its underlying growth.”

The analyst raised his 12-month price target for the retailer to $100 from $91, representing 3 percent upside to Friday’s close.

Wal-Mart did not immediately respond to a request for comment.

— CNBC’s Michael Bloom contributed to this story.