Morgan Stanley Sees the Issues Facing Panera Bread as Temporary

In a report published Wednesday, Morgan Stanley analyst John Glass reiterated an Equal-Weight rating on

. In the report, Morgan Stanley noted, “Despite lower than expected ‘14 EPS guidance and weaker--though significantly weather impacted--1Q-to-date results, bulls will be able to point to the expected benefits from the company's strategic initiatives that should unfold as the year progresses and will be highlighted at an upcoming analyst day. And though, in our view, fixes for traffic may take longer than the Street believes, we still see issues facing PNRA as temporary, not permanent.” Panera Bread closed on Tuesday at $173.18.