Cowen Starts Panera Bread (PNRA) at Market Perform

Cowen initiates coverage on Panera Bread (NASDAQ: PNRA) with a Market Perform rating and a price target of $170.00.

Analyst Andrew Charles commented, "We are confident in Panera 2.0's sales-driving abilities, but have less confidence in 2015-2016E EPS due to the numerous costs associated with implementation. In our view, 2015 EPS estimates are in a fragile state given the wide range of guidance and even wider range of street estimates, as well as seven consecutive quarters of downward EPS revisions."

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 $165.30 yesterday.

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