The Falcons traveled back home to take on their division rival Panthers whom they have won 4 straight games over. However, for the first time in the 2012 season, the Falcons trailed a game in the first quarter with Cam Newton's 18-yard touchdown pass to Greg Olson for a 7-0 lead. The Falcons however, were able to move down the field and tie the gamewith Matt Ryan's 49-yard touchdown pass to Roddy White. The Falcons moved into the lead in the second quarter with Matt Bryant's 41-yard field goal. However, the Panthers retook the lead as DeAngelo Williams ran a touchdown from 13 yards out to make the score 14-10. However, the Falcons then moved back into the lead before halftime with Ryan finding White on a 14-yard touchdown pass to make the score 17-14 at halftime. In the third quarter, the Falcons moved ahead by 10 with Ryan finding Michael Turner on a 60-yard touchdown pass for a 24-14 lead. However, The Panthers were not done yet as they scored 14 unanswered points with Cam Newton's 4-yard run for the last score of the 3rd quarter cutting the lead to 3 at, 24-21. Then, in the fourth quarter Newton found Kealoha Pilares on a 38-yard pass to take a 28-24 lead. The Falcons rallied coming within a point as Matt Bryant scored a field goal from 33 yards out cutting the lead to 28-27. With the ball one last time, the Falcons' comeback drive was successful as they moved down the field and Bryant drained the game-winning field goal from 40 yards out to win the game 30-28. With their 5th straight win over the Panthers, the Falcons improved to 4-0 for only the 3rd time in franchise history.

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