Piper Jaffray Raises PT on Panera to $125 (PNRA)

Piper Jaffray is out with its report today on Panera

, raising its PT from $121 to $125 on a Q4 10 beat. In a note to clients, Piper Jaffray writes, "Fourth-quarter earnings increased 20.9% y/y to $1.21 per share versus our $1.16 estimate and ahead of the Street at $1.17 per share. Total revenues increased 16.7% y/y to $428.2 million versus our $409.8 million estimate, reflecting a +5.8% system-wide same-store sales result and net 20 new company-owned openings, in-line with our estimate. Company-owned same-store sales reflect approximately 2.0% price, 0.3% mix and 3.0% traffic. We maintain our OW rating and are increasing our price target to $125 on PNRA shares." At the time of posting, shares of PNRA were trading pre-market at $109, up 9.32% from Thursday's close.