Wedbush Downgrades Panera Bread (PNRA) to Neutral on Valuation
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Wedbush downgraded Panera Bread (NASDAQ: PNRA) from Outperform to Neutral with a price target of $220.00 on valuation.
Analyst Nick Setyan commented, "We continue to believe drivers of sustained SSS growth outperformance relative to peers exist. Nevertheless, we caution against the Street’s current optimism relative to our 2017 estimates. Given PNRA’s current 20% premium to peers, we believe further multiple expansion is unlikely without upward comp and EPS revisions. Therefore, we downgrade to NEUTRAL from OUTPERFORM."
Shares of Panera Bread closed at $217.16 yesterday.
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