UPDATE: Wedbush Downgrades Panera Bread on Softer Checks, Risk of Disappointing Guidance
In a report published Friday, Wedbush analyst Nick Setyan downgraded the rating on Panera Bread Co. (NASDAQ: PNRA) from Outperform to Neutral, and lowered the price target from $190.00 to $165.00.
In the report, Wedbush noted, “We are downgrading PNRA to NEUTRAL from OUTPERFORM as we no longer expect upward estimate revisions based on our most recent round of checks that indicate a softer end to Q3, and Q4 QTD SSS growth below expectations.”
Panera Bread Co. closed on Thursday at $160.58.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.