BMO Capital analyst Andrew Strelzik says that JAB "makes the most sense" as an acquirer of Panera (PNRA). However, the analyst believes that JAB could be more interested in Dunkin' Brands (DNKN), as breakfast offerings make up a larger proportion of the latter's revenue. Acquiring Panera could be too difficult for Starbucks (SBUX) at this point, and the timing could be challenging for Restaurant Brands (QSR) as it looks to integrate companies it has previously acquired, Strelzik believes. He thinks that JAB could buy Panera for $310-$350 per share, although he expressed some skepticism about whether a deal will be reached. He raised his price target on Panera to $270 from $210 and keeps a Market Perform rating on the shares.

Citi analyst Jon Tower lowered the firm's price target on Restaurant Brands to $78 from $81 and keeps a Neutral rating on the shares ahead of the Q1 report. The analyst expects the company continues to point to ongoing strength in the core Tim Horton's Canada business and progress on the Burger King U.S. turnaround. However, like global peers, the tone on demand will remain muted, the analyst tells investors in a research note.