(PNRA) Panera Bread Company – Bull of the Day

We believe Panera Bread Co. (PNRA) remains well positioned to reinvigorate brands, revitalize comparable store sales and accelerate unit growth in the long run. The introduction of a new menu, increased positive impact from media support, traction to off-premises catering program and faster recovery of higher-end consumers promises further growth.

Most importantly, Panera expects commodity inflation to cool down as the year progresses. We find Panera’s second-quarter earnings and revenue beat, raise in full-year guidance for two consecutive quarters, the expectation of continued margin improvement and pricing power quite encouraging.

A more stable traffic growth compared to its restaurant peers also raises optimism. Hence, we upgrade our recommendation from Neutral to Outperform.

Zacks Investment Research

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