Panera said to explore possible sale after inbound interest
- Author: Zachary Reyes Apr 04, 2017,
Apr 04, 2017, 6:08
Following a Bloomberg report this morning which said Panera Bread (PNRA) was exploring options to sell itself after receiving interest from a potential unidentified buyer, Domino's Pizza (DPZ) has made it clear it's not interested.
Receive Panera Bread Company News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Panera Bread Company with MarketBeat.com's FREE daily email newsletter. According to the report, Panera is valued at around $6 billion, and the company is working with advisers as it explores options, including a sale.
The stock's 50 day moving average is 232.51 and its 200 day moving average is 211.48. Dean Investment Associates LLC now owns 2,601 shares of the company's stock worth $506,000 after buying an additional 9 shares during the period. Oppenheimer Holdings Inc. reissued an "outperform" rating and issued a $240.00 price target on shares of Panera Bread in a research note on Tuesday, February 7th. A recent bid put the stock price near $284.13.
Shares of Panera, which has reported better-than-expected quarterly revenue for the last six quarters, have risen more than 37 per cent so far this year.
Panera Bread Company had its "hold" rating reiterated by analysts at Maxim Group. Panera Bread now has an average rating of "Buy" and an average target price of $245.15.
As of December 27, Panera had 2,036 bakery-cafes in 46 states and Ontario, Canada, under the names Panera Bread, St. Louis Bread Co. and Paradise Bakery & Cafe. The Company is a national bakery-cafe concept. It operates through three segments: Company bakery-cafe operations, franchise operations, and fresh dough and other product operations.