Piper Jaffray Upgrades Panera Bread (PNRA) Two-Notches to Overweight
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Rating Summary:
12 Buy, 15 Hold, 1 Sell
Rating Trend: = Flat
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Up: 0 | Down: 0 | New: 0
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Piper Jaffray upgraded Panera Bread (NASDAQ: PNRA) from Underweight to Overweight with a price target of $200.00 (from $140.00), saying the management team is better-positioned to optimize the brand and its balance sheet.
Analyst Nicole Miller Regan commented, "We are upgrading PNRA shares to Overweight from Underweight as we now believe the Panera team is better-positioned to optimize the brand and its balance sheet. Central to our change in opinion are the opportunities to dimensionalize brand integrity and operational leverage. While difficult to quantify, our channel checks suggest stable topline and store-level profitability trends. This backdrop combined with mixed investor sentiment positions PNRA shares for upside. We are upgrading PNRA shares to Overweight with a $200 price target. Each 1x EBITDA multiple turn equals ~$16/share,"
The firm bumped FY 2015 EPS from $6.11 to $6.20 and FY 2016 EPS from $6.70 to $7.00.
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 $180.50 yesterday.
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