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Panera Bread Downgraded By Morgan Stanley

Restaurant chain, Panera Bread (NASDAQ: PNRA) was downgraded to an “equal-weight” from an “overweight” by Morgan Stanley on Monday. Morgan Stanley currently keeps a price target of $19.00, which implies an upside potential of 15.83% over closing the stock’s closing price on Friday. Morgan Stanley said that a third of Panera’s customers indicated that prices were way too high, which the firm thinks impacts the frequency. Another cause for a concern was catering, which has slowed in the recent past, the research report said.

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