UPDATE: Deutsche Bank Raises Target on Panera Bread to $165

Deutsche Bank reiterates its Buy rating on Panera Bread

and increases its price target to $165, up $5, on the company's unit growth, pricing power and conservative EPS forecasts. Deutsche Bank says, ""Still buying the dips. Buying quality growth names on dips has been a good strategy in the restaurant space over the last few yrs. While PNRA's 4Q results raised some concerns around sales momentum (as well as future mgmt.), we continue to see a story with conservative EPS forecasts, good pricing power and healthy unit growth. Plus, as outgoing CFO Kip noted, pricing decisions were made at a time when some of PNRA's key commodities were higher, making it even more difficult for us to get to just “flat” margins for 2012." PNRA closed at $160.02 a share yesterday.