Banc of America downgraded Wal-Mart (WMT

) to neutral from buy.

Analyst Aram Rubinson says he wasn't terribly compelled by Wal-Mart's valuation when he issued a buy rating back in April, but he says there was a story. Now, with the story having played itself out for the most part, and with the stock rapidly approaching the $62 target, he doesn't see enough reason to keep his buy rating.

Although he believes Wal-Mart is a great company, at present, Rubinson says the discount retailer's reward profile doesn't outweigh the risk by enough of a margin to warrant a buy recommendation.