UPDATE: Wedbush Securities Upgrades Panera Bread to Outperform on Solid Q4 Checks
Wedbush Securities raised its rating on Panera Bread (NASDAQ: 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.
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