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UPDATE: Longbow Analyst Sees 16% Downside for Panera Shares

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Shares of Panera Bread (NASDAQ: PNRA) are down 2.3 percent to $164.24 after Longbow Research downgraded the stock from Neutral to Underperform and announced a $138 price target.

Analyst Alton Stump believes the stock is trading a lofty price to earnings multiple at 24.4, and a 20x multiple is “an appropriate forward earnings multiple in light of decelerating same-store traffic and pricing/mix trends and lack of earnings visibility through at least the end of 2015.”

The lowered first quarter 2014 earnings per share estimate from $1.54 to $1.50 to reflect “greater margin pressure amidst higher internal spending.”

Latest Ratings for PNRA

DateFirmActionFromTo
Feb 2015JefferiesMaintainsHold
Feb 2015BarclaysMaintainsOverweight
Jan 2015BarclaysMaintainsOverweight

View More Analyst Ratings for PNRA
View the Latest Analyst Ratings

Posted-In: Alton Stump Longbow ResearchAnalyst Color Downgrades Analyst Ratings

 

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