Panera Bread (PNRA) PT Trimmed to $180 at Wunderlich

Wunderlich Securities maintained a Hold rating on Panera Bread (NASDAQ: PNRA) and reduced its price target to $180.00 (from $190.00).

Analyst Robert M. Derrington said, "Last night, Panera Bread (PNRA) reported a modest Q1 EPS 'beat', though narrowed its 2014 guidance incl. slightly lower SSS and below-the-street Q2 EPS. The Q1 EPS beat reflected better revenue ($605.3mm vs. our $595.0/street $596.9), in-line pretax income, and a lower tax rate (worth ~$0.03 EPS). SSS improved through Q1 to +0.1% (vs. our -0.5%), hurt by 150-200bps inclement weather, with March SSS up 2.8% aided by 150bps Easter shift, though that reversed in Q2TD and dragged April SSS to only 0.4%. Based on its soft SSS and cost drag from rollout of the Panera 2.0 initiative, Q2 EPS was set at $1.70-1.76 (vs. our prev. $1.78/street $1.85) and 2014 EPS tightened to $6.80-7.00 from $6.80-7.05. Factoring cautious valuation metrics to our 2015 EPS, we have reduced our PT to $180 from $190."

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 $163.18 yesterday.

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