Piper Boosts PT on Panera Bread (PNRA) to $260 Following Channel Checks
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Piper Jaffray lifts its price target on Overweight-rated Panera Bread (Nasdaq: PNRA) from $237 up to $260 following recent channel checks.
The firm commented,
We are buyers of PNRA shares following our recent channel checks, which suggest the company's recovery process is on track. Our channel checks lead us to reiterate our outlook for systemwide comp momentum (including +2% at franchise units and +3.5% at company-owned units) driven by ongoing implementation among franchisees and the overarching halo of brand modernization efforts which should lead to increased menu/marketing permission and pricing power over time. On a consolidated basis, the model also benefits from a higher royalty rate as sales mix shifts to the digital ordering channel. We are now modeling a slightly higher overall royalty rate, where we note each 10 bps equates to ~$0.10 in EPS.
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