UPDATE: Goldman Sachs Reiterates Sell Rating, Lowers PT for Safeway

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In a company update published earlier today, the Goldman Sachs Group, Inc. reiterated its Sell rating for Safeway Inc. (NYSE: SWY), but slightly lowered its price target from $18.00 to $17.00.Goldman Sachs went on to say “While SWY indicated that it remains on track with the temporary shift outlined in December 2011, we had not factored in both the reduction in the $800 mn in debt coming due and a complete reduction in commercial paper. Given we expect SWY to generate only $816 mn in free cash flow this year and $796 mn next year, we have reduced our share buyback assumptions to accomplish the targeted debt reduction.”Safeway Inc. closed on Friday at $17.97.

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