Goldman Sachs Raises PT Of Graham Packaging Company To $21 (GRM)

Goldman Sachs is out with a report today that raises the Price Target on Graham Packing Company (NYSE: GRM) from $17 to $21.

“Graham Packaging (GRM) reported 4Q2010 EPS of $0.17 (excluding onetime gains of $0.58) inline with our estimate and better than ThomsonOne consensus of $0.16. On an adjusted EBITDA basis, GRM generated $125.1 mn of EBITDA, beating our estimate of $119 mn,” Goldman Sachs writes. “We are raising our 2011-2012 EPS estimates to $1.90 and $2.40 from $1.80 and $2.30, respectively, to reflect the stronger than expected 4Q2010 results and increased synergy expectation.”

Goldman also maintained its Buy rating on Graham Packing.

Graham Packing Company closed yesterday at $16.64.