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Wunderlich Downgrades Panera Bread, Cites Valuation Reasons

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Robert Derrington of Wunderlich Securities on Tuesday downgraded shares of Panera Bread Co (NASDAQ: PNRA) to Hold from Buy as shares have appreciated to within 8 percent of his $185 price target.

Derrington notes that Panera Bread is expected to improve its same-store sales throughout 2015 and 2015, aided by the rollout of its Panera 2.0 initiatives. The analyst adds that the company has also improved its pipeline of new menu offerings and catering sales while balancing its promotional activities.

However, Derrington states that despite an improved business, shares are trading at an EV of 11.x 2015E EBITDA (versus its peers at 13.3x), thus justifying a Hold rating.

Latest Ratings for PNRA

DateFirmActionFromTo
Apr 2017Wells FargoDowngradesOutperformMarket Perform
Apr 2017Telsey Advisory GroupDowngradesOutperformMarket Perform
Apr 2017RBC CapitalDowngradesOutperformSector Perform

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Posted-In: fast casual Fast Food Panera Bread Panera Bread 2.0 Quick Service RestaurantsAnalyst Color Downgrades Analyst Ratings

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