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Panera Bread Co (NASDAQ:PNRA) may be exploring strategic alternatives, including a possible sale, after receiving takeover interest. The probability of an acquisition does not seem high, given that the stock is trading at multiples that "make the business less attractive to most non-strategic bidders,” Baird’s David E. Tarantino said in a report.
Panera’s shares have surged on takeover speculation. The shares gained 8 percent on Monday, and are now up 38 percent year-to-date, versus a 3 percent gain in the S&P 400. Tarantino downgraded the rating on the company from Outperform to Neutral, while raising the price target from $265 to $290.
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Potential Acquirers
“We acknowledge that PNRA theoretically could be considered an attractive acquisition target based on the company's highly differentiated brand and prospects for robust earnings performance in upcoming years,” Tarantino wrote. He added, however, that the high multiples mak3 the company less attractive.
The analyst named privately-held JAB Holdings and Yum! Brands, Inc. (NYSE:YUM) as the “most logical suitors,” while adding that a bid from Starbucks Corporation (NASDAQ:SBUX) would be very surprising.
While expressing optimism regarding Panera’s growth prospects, Tarantino mentioned that the company had several sales drivers that provided “excellent visibility to the outlook.”
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.