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PNRA

Taken private 7/17

$217.16

-0.74 (-0.34%)

, DRI

Darden

$73.92

-1.03 (-1.37%)

10:50
11/28/16
11/28
10:50
11/28/16
10:50

Panera, Darden shares cut after recent rallies

Three restaurant stocks - Panera (PNRA), Darden (DRI), and Cracker Barrel (CBRL) - were downgraded by research firms today. Analysts expressed concerns about the stocks' valuations following their recent rally. PANERA: Although Panera has a number of positive catalysts that should enable its comparative sales to stay strong going forward, it may not be able to beat the Street's current outlook by large amounts, wrote Wedbush analyst Nick Setyan. The company's new initiatives should boost its sales going forward, and it is launching delivery services which could increase its comp sales by up to two percentage points, the analyst stated. However, the company will probably have to invest in technology and labor next year, limiting its ability to beat consensus estimates, Setyan believes. Noting that Panera's current valuation is 20% above its peer average, the analyst wrote that he does not expect the stock's multiple to rise unless analysts' comp sales and profit estimates for it increase. He downgraded the stock to Neutral from Buy but kept a $220 price target on the name. DARDEN: The company is continuing to outperform its casual dining peers as Olive Garden's turnaround continues, wrote Maxim analyst Stephen Anderson. Moreover, the company's margins can rise further as labor regulations ease, and it's building new, higher end restaurants, which should boost its revenue, Anderson believes. However, noting that the stock had risen 23% since early October, the analyst contended that the shares reflect all of these positive catalysts. He downgraded his rating on Darden to Hold from Buy and kept a $74 price target on the name. CRACKER BARREL: Cracker Barrel's comparable restaurant sales should rise at least 2% in its January quarter, and its profits should increase at least 15% through fiscal 2018, driven by the strong sales and "aggressive cost controls," according to Maxim's Anderson. However, the analyst thinks that the stock, which has risen nearly 30% since early October, reflects these positive catalysts. He downgraded the shares to Hold from Buy but kept a $170 price target on the name. PRICE ACTION: In morning trading, Panera fell 2% to $213, Darden slid 1.25% to $74, and Cracker Barrel lost nearly 2% to about $161 per share.

PNRA

Taken private 7/17

$217.16

-0.74 (-0.34%)

DRI

Darden

$73.92

-1.03 (-1.37%)

CBRL

Cracker Barrel

$164.33

-1.31 (-0.79%)

  • 09

    Jan

PNRA Taken private 7/17
$217.16

-0.74 (-0.34%)

11/28/16
WEDB
11/28/16
DOWNGRADE
Target $220
WEDB
Neutral
Panera Bread downgraded to Neutral from Outperform at Wedbush
Wedbush analyst Nick Setyan downgraded Panera Bread to Neutral saying valuation reflects sustained same-store-sales growth and maintained its $220 price target.
10/27/16
ADAM
10/27/16
NO CHANGE
Target $255
ADAM
Buy
Panera Bread represents compelling buying opportunity, says Canaccord
Canaccord analyst Lynne Collier said she is increasingly confident in Panera Bread's ability to outperform its peers following its Q3 earnings conference call. The analyst believes its initiatives and technology investments are enhancing the brand's relevancy with consumers in a rapidly changing landscape. Collier reiterated her Buy rating and $255 price target on Panera Bread shares.
10/10/16
LBOW
10/10/16
UPGRADE
LBOW
Buy
Panera Bread upgraded to Buy from Neutral at Longbow
10/10/16
LBOW
10/10/16
UPGRADE
LBOW
Buy
Panera Bread upgraded to Buy from Neutral at Longbow
Longbow analyst Alton Stump upgraded Panera to Buy with a $239 price target saying the pullback in shares provides an attractive entry point. Stump said Panera 2.0 results have improved significantly since mid-2015 and could drive meaningful upside to results and thinks the company will continue to seek refranchising opportunities in coming years, which alone could drive meaningful multiple expansion.
DRI Darden
$73.92

-1.03 (-1.37%)

11/28/16
MAXM
11/28/16
DOWNGRADE
Target $74
MAXM
Hold
Darden downgraded to Hold from Buy at Maxim
Maxim analyst Stephen Anderson downgraded Darden to Hold from Buy as he believes the shares to be fairly valued following the 23% rally from their early October low. The analyst, who still expect Darden to outperform its peers on comp performance as the Olive Garden turnaround gains further traction, maintains a $74 price target on the stock.
10/18/16
10/18/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Intel (INTC) upgraded to Overweight from Equal Weight at Barclays with analyst Blayne Curtis citing better PC trends and a "compelling relative valuation." 2. Ruth's Hospitality (RUTH was upgraded to Outperform from Market Perform at Raymond James and the firm upgraded Darden (DRI) to Market Perform from Underperform. 3. Cousins Properties (CUZ) upgraded to Hold from Sell at Stifel with analyst John Guinee citing valuation. 4. FirstEnergy (FE) upgraded to Buy from Hold at Evercore ISI and to Neutral from Sell at Citi. 5. Prologis (PLD) upgraded to Equalweight from Underweight at Capital One and to Buy from Hold at Evercore ISI. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/18/16
10/18/16
UPGRADE

Market Perform
Darden upgraded to Market Perform on valuation at Raymond James
As previously reported, Raymond James upgraded Darden to Market Perform from Underperform. Analyst Brian Vaccaro believes downside risk is limited by a recent shelf offering that indicates the company could increase balance sheet leverage and pursue aggressive buybacks.
10/18/16
RAJA
10/18/16
UPGRADE
RAJA
Market Perform
Darden upgraded to Market Perform from Underperform at Raymond James
CBRL Cracker Barrel
$164.33

-1.31 (-0.79%)

07/11/16
BOFA
07/11/16
DOWNGRADE
Target $140
BOFA
Underperform
Cracker Barrel downgraded to Underperform from Neutral at BofA/Merrill
BofA/Merrill analyst Joseph Buckley downgraded Cracker Barrel to Underperform and lowered its price target to $140 from $167. The analyst said shares are trading at an all time high and believes strong growth will slow given slow overall industry sales and the competitive environment.
06/02/16
TLSY
06/02/16
DOWNGRADE
Target $172
TLSY
Market Perform
Cracker Barrel downgraded to Market Perform from Outperform at Telsey Advisory
Telsey analyst Bob Derrington downgraded Cracker Barrel to Market Perform following the company's recent better than expected Q3 report, its announcement of its second Special Dividend in the past two years, and stock price appreciation. Derrington raised estimates and increased his price target on Cracker Barrel to $172 from $160 but lowered his rating saying shares are within 5% of his price target.
11/28/16
MAXM
11/28/16
DOWNGRADE
Target $170
MAXM
Hold
Cracker Barrel downgraded to Hold from Buy at Maxim
Maxim analyst Stephen Anderson downgraded Cracker Barrel to Hold from Buy citing valuation following the nearly 30% rally in the shares since early October. Anderson, who anticipates a modest acceleration in same-restaurant sales in the remaining quarters of this fiscal year, keeps a $170 price target on Cracker Barrel shares.
05/16/16
LBOW
05/16/16
NO CHANGE
Target $44
LBOW
Buy
Sonic benefitting from all day breakfast at McDonald's, says Longbow
Longbow analyst Alton Stump said the firm's conversations with Sonic (SONC) franchisees indicate that they believe McDonald's (MCD) all day breakfast launch has actually helped Sonic by driving increased consumer appetite and awareness of the company's own all day breakfast offerings. Stump believe franchised same-store sales are up 6%-6.5% to date in Sonic's fiscal Q3, which he notes is within the firm's estimate but ahead of consensus. The analyst, who keeps a Buy rating on Sonic, also believes the comp lift for Sonic from McDonald's breakfast launch should also benefit others, including Cracker Barrel (CBRL) and Denny's (DENN), on which the firm also has Buy ratings.

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