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July 24, 2013
11:36 EDTPNRAPanera falls after disappointing results, lowered outlook
Shares of national bakery-cafe operator and franchiser Panera Bread (PNRA) are falling after the company reported disappointing second quarter results and issued a weak outlook for the third quarter and full year. WHAT’S NEW: Last night, Panera reported second quarter earnings per share of $1.74 and revenue of $589M. Consensus estimates for EPS and revenue were $1.77 and $596.02M, respectively. The company also issued disappointing guidance for the third quarter and full year. They forecast third quarter EPS of $1.32-$1.36 against analyst views of $1.46. Full year EPS was lowered to $6.75-$6.85, consensus $7.05. The company said its lower EPS target reflects lower than previously expected growth in company-owned comparable bakery-cafe sales. The company lowered its target for company-owned same cafe sales growth for fiscal 2013 to 3.0% to 5.0%, from its previous target of 4.0% to 5.0%. ANALYST REACTION: In a note to investors, Stifel analyst Paul Westra said Panera shares appear to be fairly valued despite the company's still impressive long-term growth prospects. Stifel reiterated its Hold rating on the restaurant operator's stock. PRICE ACTION: In late morning trading, Panera fell $13.36 or 7.34% to $168.65 on more than three times the average daily volume.
News For PNRA From The Last 14 Days
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August 20, 2014
10:04 EDTPNRAOn The Fly: Analyst Upgrade Summary
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07:42 EDTPNRAPanera Bread not receiving credit for top-line growth, says UBS
UBS believes Panera Bread is under pressure due to a lack of visibility in 2015 but feels it is not receiving enough credit for its top-line revenue growth. The firm feels a significant lift is coming in 2015 comps and a rollout of 2.0. Shares of Panera Bread remain Buy rated but price target lowered to $180 from $200 per share.
05:27 EDTPNRAPanera Bread upgraded to Overweight from Equal Weight at Barclays
Barclays upgraded Panera Bread to Overweight citing low near-term expectations and its belief the company's investments will drive long-term growth. Barclays sees a favorable risk/reward at current shares levels and raised its price target for Panera to $175 from $165.

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