UPDATE: Wedbush Securities Upgrades Panera Bread to Outperform on Solid Q4 Checks

Wedbush Securities raised its rating on Panera Bread PNRA from Neutral to Outperform and increased its price target from $160 to $190. Wedbush Securities noted, "We believe Panera is best positioned within our coverage universe for sustained SSS growth and operating margin leverage in 2013 ahead of expectations. … Our checks of 10% of company units indicate Q4 SSS growth is trending towards the high end of 5-6% guidance, which leads us to increase our estimate to 6% from 5.7%. Commentary pointed to continued strength in catering, solid performance of seasonal menu items, and where applicable, above 10% sales lifts on drivethrough additions." Panera Bread closed at $166.01 on Tuesday.