UPDATE: Goldman Sachs Reiterates Neutral Rating, Raises PT on NCR Corporation Following 1Q13 Revenue/EPS

In a report published Wednesday, Goldman Sachs analyst Julio C. Quinteros Jr. reiterated a Neutral rating on NCR Corporation

, and slightly raised the price target from $27.00 to $28.00. In the report, Quinteros noted, “NCR reported 1Q13 revenue/EPS of $1,410 mn/$0.54 above our forecast of $1,349 mn/$0.42 and the Street's $1,336 mn/$0.41. NCR provided 2Q guidance for non-pension operating income (NPOI) of $175-$180 mn (vs. our $187 mn prior). NCR maintained its 2013 revenue guidance, but raised adjusted EPS guidance to $2.70-$2.80 (vs. $2.65-$2.75). Reflecting better 1Q results and management outlook, we raise our 2013-2015 forecast to $2.75/$3.03/$3.32. Consistent with our estimates revisions and a higher multiple, we are raising our 12-month price target to $28 from $27, implying a CY13 P/E of 10.2X (vs. 9.9X prior).” NCR Corporation closed on Tuesday at $27.27.