BTIG Upgrades Panera Bread (PNRA) to Buy

BTIG upgraded Panera Bread (NASDAQ: PNRA) from Neutral to Buy with a price target of $215. Analyst Peter Saleh said the company’s technology investment (Panera 2.0) is starting to bear fruit.

"While we continue to expect 2016 to be an investment year as the remaining half of company-owned units are converted, we believe same-store sales should start to benefit. We believe the faster Panera 2.0 is deployed this year, the more depressed earnings will be but the stronger sales and earnings growth will be in 2017. Furthermore, we believe Panera could see some benefit from Chipotle’s (CMG, Buy, $530 PT) sales loss," said Saleh.

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 $187.29 yesterday.

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