Oppenheimer Boosts Price Target on Panera (PNRA), Cites Near-Term Upside & Runway for Improving ROIC

Oppenheimer boosted its price target on Outperform-rated Panera Bread (NASDAQ: PNRA) from $175 to $190 following the firm's deep-dive unit penetration analysis which shows the company could double the footprint with 50% cash-return builds.

"Near term, we believe 2012 expectations remain tamed and beatable. Sources of EPS upside (traffic, margins and cash usage) are becoming more widely understood by investors, but the model is positioned to deliver outsized beats relative to many casual diners where expectations appear stretched," the analyst comments.

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 $160.99 yesterday.

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