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WebMD rebounds after Goldman's downgrade goof

Oops! Goldman Sachs on Wednesday retracted a downgrade of WebMD stock issued earlier in the day, citing a calculation error.

Before Wednesday's open, Goldman dropped the health website operator's rating to "sell" from "neutral." In an updated note, the firm said it was reverting WebMD to a "neutral" rating, noting that it erroneously included convertible notes when calculating diluted share count and net debt.

Goldman Sachs signage on the floor of the New York Stock Exchange.
Jin Lee | Bloomberg | Getty Images
Goldman Sachs signage on the floor of the New York Stock Exchange.

WebMD slipped in early trading but later climbed higher following the amendment. The stock last traded 2 percent higher around $48 per share.

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Goldman's current price target is $57 per share.

— CNBC's Peter Schacknow contributed to this report