UPDATE: Miller Tabak Upgrades Panera Bread to Buy Ahead of Earnings

Miller Tabak upgraded Panera Bread PNRA from Hold to Buy and raised the price target from $187.00 to $190.00. Miller Tabak commented, "We upgrade shares of Panera Bread (PNRA) to Buy (from Hold) ahead of the company's 4Q12 (December) earnings release on February 5. We still consider PNRA's top-line growth prospects one of the best in the industry, and contend a mix of positive traffic, judicious menu price increases, and potential changes in the menu mix will support not only top-line growth, but also margin xpansion." Panera Bread closed at $155.02 on Thursday.