UPDATE 1-Goldman Sachs cuts ICE to neutral

July 9 (Reuters) - Goldman Sachs downgraded Intercontinental Exchange (ICE.N) to "neutral," saying the recent move by various governments to clamp down on excessive speculation in energy and commodity trading by reviewing position limits may impact trading volumes of exchange operators.

"Until further clarity emerges on the outcome of the global energy trading review, we believe the stock will remain relatively range-bound," analyst Daniel Harris said in a note to clients.

The brokerage, which cut its price targets on ICE to $95 from $130 and on CME Group Inc (CME.O) to $310 from $350, said the move may hurt 2010 earnings of ICE by 5 to 14 percent and those of CME by 2 to 5 percent.

It also cut its growth outlook for oil and natural gas futures at ICE and CME to 0 percent in 2010/2011.

Energy trading formed 58 percent of ICE's 2008 revenue and 21 percent of CME's second-half revenue for the year.

Shares of ICE rose 3 percent to $87.67 on the New York Stock Exchange. CME Group Inc's shares were also up 3 percent at $271.67 on Nasdaq. (Reporting by Archana Shankar in Bangalore; Editing by Anil D'Silva)