Jefferies Starts Panera Bread (PNRA) at Buy

Jefferies resumes coverage on Panera Bread (NASDAQ: PNRA) with a Buy and $165 price target.

The firm comments, "We think estimates and valuation underestimate Panera's ability to drive upside to its 15-20% EPS goal, esp. over the next couple years where we see visible topline drivers and signif. capital deployment opps to drive EPS 20%+. Investors may miss the days of 20% unit gr, but we believe the model is shifting toward a more balanced structure, yielding greater op. leverage & better SSS visibility = higher EPS gr than meets the eye."

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 $139.24 yesterday.

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