UPDATE: Goldman Sachs Upgrades Panera Bread to CL-Buy on Solid Growth

Goldman Sachs Analyst Michael Kelter released a note on Panera Bread Company

from Neutral to Conviction List Buy and raised its price target from $185 to $215. In the report, Kelter stated "We upgrade PNRA to Buy from Neutral and add the shares to the Americas Conviction List with 30% upside to our new $215, 12-month price target. We see PNRA as one of the preeminent growth stories in Restaurants and after a period of under-performance see the shares as particularly attractive. A traffic inflection in the spring may serve as a catalyst." Following the report, shares of Panera traded up 2.63 percent to $173.95 in pre-market trading.