UPDATE: Deutsche Bank Downgrades Panera Bread Co. to Hold, Lowers PT on Multiple Challenges Ahead

In a report published Thursday, Deutsche Bank analyst Jason West downgraded the rating on

from Buy to Hold, and lowered the price target from $185.00 to $145.00. In the report, Deutsche Bank noted, “We are downgrading PNRA to Hold from Buy given: 1) weakening sales trends across multiple fronts (traffic, mix, catering) and 2) rising spend on ops investments, with an unclear payoff. These factors point to considerable margin pressure and limited earnings visibility for the next few qtrs. Our 2014E EPS moves to $7.05 from $7.62. PT to $145 from $185.” Panera Bread Co. closed on Wednesday at $153.15.