UPDATE: Imperial Capital Reiterates Buy Rating, Lowers PT on Panera Bread Co. on Near-Term Weakness Ahead of Better H214 Trends

In a report published Monday, Imperial Capital analyst Robert M. Derrington reiterated a Buy rating on

, but lowered the price target from $212.00 to $205.00. In the report, Imperial Capital noted, “We believe Panera Bread (PNRA) will likely not prove immune to recent weak industry trends and we are lowering our projections for 2013 and 2014 EPS. With consumer spending remaining tepid, industry competition has increased, especially for Panera as competitors have encroached on the success of its business model. However, we believe management is in the early stage of laying the ‘innovation' foundation for its next 5-year increase in SSS and EPS, a fact we believe the Street will recognize in the months ahead. As that happens, we believe confidence in the company's plan will rise as SSS and EPS visibility improves. As that occurs, we believe memories of the soft operating trends of 2013 will begin to fade, supporting our PT of $205 (lowered from $212); we reit. Buy rating.” Panera Bread Co. closed on Friday at $159.90.