UPDATE: Goldman Sachs Increases PT to $29 Packaging Corp of America on Solid Q2 Results

Goldman Sachs reiterated its Sell rating on Packaging Corp of America PKG but raised its price target from $28 to $29. Goldman Sachs noted, "We raise our 2012-14 EPS estimates by 5%, on average, to $1.98, $2.20, and $2.25 reflecting the flow through of more favorable margins. While we like PKG's track record of strong returns on capital and low cost industry position in containerboard, we maintain our Sell rating on the stock given our modestly below consensus 2013 EPS estimate and relative valuation. Our 2013-14 EPS estimates reflect no containerboard price increase materializes over the next 12 months." Packaging Corp of Americ closed at $29.06 on Monday.