Panera Bread (PNRA) Added to BofA/Merrill Lynch's US 1 List

BofA/Merrill Lynch added Panera Bread (NASDAQ: PNRA) to its US 1 List, while reiterating a Buy rating and price target of $185.

Analyst Joseph Buckley says shares are out-of-favor and have underperformed the Restaurant sector significantly over the past two years. However, in their view, the company has a strong long-term track record under CEO Ron Shaich, a relevant and flexible brand, high quality products and a plan, dubbed Panera 2.0, to significantly raise the sales capacity.

Buckley notes that sales performance should be a catalyst in 2015, although earnings are unlikely to show benefits from Panera 2.0 until 2016.

For an analyst ratings summary and ratings history on Panera Bread click here. For more ratings news on Panera Bread click here.

Shares of Panera Bread closed at $158.73 yesterday.

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