Wunderlich Securities Sees Mixed Q2 Results for Panera Bread Company

In a report published Wednesday, Wunderlich Securities analyst Robert M. Derrington reiterated a Hold rating and $162.00 price target on

. In the report, Wunderlich Securities noted, “Last night, Panera reported Q214 (Jun) EPS of $1.82 vs. our $1.71 and Street $1.74 estimates, and vs. $1.74 last year. The results reflected lower than projected revenue, in-line restaurant margin, and a 140bps lower tax rate at 36.6%. SSS growth was weaker than projected, decelerating through Q2 though improving somewhat in Q3TD. Despite that and with its results, management lowered its guidance for both SSS and EPS for 2014, and is initially targeting lower Q3 EPS, in the $1.40-1.46 range vs. our $1.52/Street $1.54. Pending stabilization in PNRA's operating results, we continue to rate PNRA as Hold.” Panera Bread Company closed on Tuesday at $146.62.