UPDATE 1-RESEARCH ALERT-Goldman cuts Sony to "neutral" vs "buy"

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TOKYO Jan 22 (Reuters) - Goldman Sachs cut its rating on Sony Corp (6758.T) to "neutral" from "buy" on Tuesday, citing the impact of a slowdown in the U.S. economy and a stronger yen.

In a note to clients, Goldman analysts Yuji Fujimori and Kei Nihonyanagi said there was a lack of positive catalysts for the stock over the medium term and removed it from the brokerage's "Japan buy" list.

"The stock's attractiveness relative to our coverage is reduced when yen strength and the U.S. economic slowdown are factored in," Fujimori and Nihonyanagi said.

Exporters such as Sony, which makes about three-quarters of its sales outside of Japan, are hurt by a stronger yen, which eats into overseas earnings.

The yen hit a 2-1/2 year peak against the dollar on Tuesday, as tumbling Asian stock and fears of a U.S. recession prompted investors to dump risky, higher-yielding assets.

However, Goldman also said it expected favourable third-quarter results on Jan. 31, due in part to profits from the television business.

"Moving into the next fiscal year we expect TV earnings' improvement to become a focus of attention," Fujimori and Nihonyanagi said.

"In comparison with other products, we think inventory management and fixed costs are still an issue for TV and believe that management's approach will influence medium-term earnings growth potential."

Shares of Sony slid 6.9 percent to 5,110 yen in Tokyo trade, as part of the global equity market sell-off.

The shares have lost 17.6 percent so far this year, slightly outperforming a 19 percent drop in Tokyo's index of electric machinery stocks .IELEC.T. (Reporting by Nathan Layne and David Dolan; Editing by David Holmes)