Piper Jaffray Channel Checks Point to Strong Quarter for Panera Bread (PNRA)

Piiper Jaffray analyst, Nicole Miller Regan's recent channel checks on Panera Bread (NASDAQ: PNRA) increase her comfort with the 2.0% same-store sales estimate for 4Q15 and her expectation for a solid earnings report.

Continued positive comp trends are positive for short term results but the long-term model continues to benefit from brand modernization efforts that drive consistent restaurant-level performance and ancillary earnings benefits from early stage CPG and digital ordering efforts.

Recent channels checks suggesting new product platforms and continued media spend were generally well received by consumers. Although early, positive press around the company's recent launch of its new clean soup menu have helped to drive consumer awareness, and should further support CPG efforts.

No change to Overweight rating and $225 price target. The $225 price target is based ~14x FY16E EV/EBITDA.

The company is reporting earnings on February 9th

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 $180.25 yesterday.

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