Research analysts at Oppenheimer increased their target price on shares of Panera Bread Company (NASDAQ: PNRA) from $190.00 to $200.00 in a report released on Wednesday, Analyst Ratings.Net reports. The firm currently has an “outperform” rating on the stock.
The analysts wrote, “A range-bound stock for over a year, we believe the ‘buy’ opportunity is now. We expect a breakout to $200 by year-end as Street projections increase and the market rolls valuation to ’14 (we predict ’14 EPS of $8.50-9.00, vs Street’s $8.10). Stock has a favorable set-up owing to: 1) low traffic expectations, despite improving backdrop and a plethora of bottom-up drivers; 2) recent two-year sales trend suggests upside to 1Q13 comps; 3) margins appear conservatively modeled and falling wheat prices could add extra boost; and 4) accretive cash use remains a back pocket catalyst. Raising price target to $200 from $190.”
Shares of Panera Bread Company (NASDAQ: PNRA) traded up 2.33% during mid-day trading on Wednesday, hitting $169.18. Panera Bread Company has a 52 week low of $135.40 and a 52 week high of $175.26. The stock’s 50-day moving average is currently $162.1. The company has a market cap of $4.940 billion and a P/E ratio of 28.07.
Panera Bread Company (NASDAQ: PNRA) last posted its quarterly earnings results on Tuesday, February 5th. The company reported $1.75 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.74 by $0.01. The company had revenue of $571.50 million for the quarter, compared to the consensus estimate of $574.09 million. During the same quarter last year, the company posted $1.42 earnings per share. Panera Bread Company’s revenue was up 15.3% compared to the same quarter last year. Panera Bread Company has set its Q1 guidance at $1.62-1.66 EPS and its FY13 guidance at ~$6.89-7.00 EPS. On average, analysts predict that Panera Bread Company will post $7.04 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on PNRA. Analysts at Raymond James upgraded shares of Panera Bread Company from an “underperform” rating to a “market perform” rating in a research note to investors on Wednesday. Separately, analysts at Sanford C. Bernstein initiated coverage on shares of Panera Bread Company in a research note to investors on Friday, March 22nd. They set an “outperform” rating and a $190.00 price target on the stock. Finally, analysts at BMO Capital Markets upgraded shares of Panera Bread Company from a “market perform” rating to an “outperform” rating in a research note to investors on Tuesday, March 19th. They now have a $190.00 price target on the stock.
One analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $185.33.
Panera Bread Company (NASDAQ: PNRA) s a national bakery-cafe concept with 1,541 Company-owned and franchise-operated bakery-cafe locations in42 states, the District of Columbia, and Ontario, Canada.