UPDATE: Goldman Sachs Raises Safeway's PT

According to a research report published earlier today, Goldman Sachs has increased Safeway's SWY PT from $18 to $18.50. In the report, Goldman Sachs commented, "SWY reported 1Q EPS of $0.30, below our $0.34 estimate, but in line with consensus, as greater-than-expected share buybacks totaling around $1bn offset an EBIT miss. Our FY2012/2013/2014 EPS estimates move to $1.93/ $2.25/$2.55 from $1.95/$2.20/$2.45, as the downside from 1Q weighs on our FY2012 EPS, but the higher buyback drives our higher EPS for FY2013/2014. We lower our EBITDA estimates for each year, on weaker comp growth and continued margin pressure." Goldman Sachs maintains its Sell rating on Safeway, which is currently trading at $20.75.