Panera Bread Downgraded by Jefferies Group to “Hold” (PNRA)
Panera Bread (NASDAQ:PNRA) was downgraded by equities researchers at Jefferies Group from a “buy” rating to a “hold” rating in a research report issued on Tuesday, TheFlyOnTheWall.com reports. They currently have a $195.00 target price on the stock. Jefferies Group’s price objective suggests a potential upside of 12.29% from the company’s current price.
The analysts wrote, “Longer term growth drivers appear fully intact, and continue to improve in many respects, but our near term EPS visibility is clouded by the prospect of reported traffic growth becoming incrementally impacted by throughput bottlenecks during peak hours, while incremental labor being added at the store-level to alleviate bottlenecks will weigh on margins. This operational issue came to light last month on the 2Q conference call, and although we believe the issue is fixable, we suspect many of the throughput initiatives will take at least a few quarters to remedy (adding additional physical capacity, implementing new production processes, reducing complexity in production system). We rate PNRA HOLD (from BUY) with a PT of $195 based on 24x our 2014 EPS or 11x EV/EBITDA.”
A number of other analysts have also recently weighed in on PNRA. Analysts at Wunderlich upgraded shares of Panera Bread from a “hold” rating to a “buy” rating in a research note to investors on Thursday, August 8th. They now have a $212.00 price target on the stock, up previously from $200.00. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Panera Bread in a research note to investors on Wednesday, August 7th. They now have a $180.00 price target on the stock. Finally, analysts at Wedbush cut their price target on shares of Panera Bread from $210.00 to $190.00 in a research note to investors on Thursday, July 25th. They now have an “outperform” rating on the stock.
One analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $194.60.
Shares of Panera Bread (NASDAQ:PNRA) traded up 0.40% on Tuesday, hitting $174.36. 219,276 shares of the company’s stock traded hands. Panera Bread has a 52 week low of $152.26 and a 52 week high of $194.77. The stock’s 50-day moving average is $178.9 and its 200-day moving average is $180.0. The company has a market cap of $5.072 billion and a P/E ratio of 27.27.
Panera Bread (NASDAQ:PNRA) last released its earnings data on Tuesday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing the analysts’ consensus estimate of $1.77 by $0.03. The company had revenue of $589.00 million for the quarter, compared to the consensus estimate of $596.01 million. During the same quarter last year, the company posted $1.50 earnings per share. Panera Bread’s revenue was up 11.0% compared to the same quarter last year. Analysts expect that Panera Bread will post $6.82 EPS for the current fiscal year.
In other Panera Bread news, EVP Scott Davis sold 1,131 shares of Panera Bread stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $173.28, for a total transaction of $195,979.68. Following the transaction, the executive vice president now directly owns 15,998 shares in the company. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Panera Bread Company (NASDAQ:PNRA) s a national bakery-cafe concept with 1,541 Company-owned and franchise-operated bakery-cafe locations in42 states, the District of Columbia, and Ontario, Canada.
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