UPDATE: KeyBanc Capital Markets Initiates Coverage of Panera Bread Company with Buy Rating, $175 PT
In a report published Friday, KeyBanc Capital Markets initiated coverage of Panera Bread Company (NASDAQ: PNRA) with a Buy rating and a $175.00 price target.
KeyBanc noted, “Consistent with our favorable bias toward dominant brands with relevant niches, we believe Panera is well positioned to sustain 20% annual EPS growth. We expect the growth to come from expanding system units by 8% annually (9-10% company and 6-7% franchise), 3-4% SRS gains and 30-60 bps margin expansion from sales leverage.”
Panera Bread Company closed yesterday at $144.87.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.