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Panera Bread (PNRA) Stock Is Friday's 'Chart of the Day'
Panera Bread (PNRA) stock should move easily toward the upper end of a rising trend channel near $235, Chris Versace and Bob Lang say.
By Rachel Graf
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NEW YORK (TheStreet) -- Shares of Panera Bread (PNRA) are falling 1.02% to $213.13 in early-afternoon trading on Friday.
Panera is a St. Louis, MO-based bakery-cafe chain with about 1,970 company-owned and franchise-operated locations in over 45 states, DC, and Ontario, Canada.
(Panera is held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holding with a free trial here.)
"The company is reaching an inflection point in earnings and we believe it has a long runway for growth ahead, powered by its Panera 2.0 initiative," TheStreet's Cramer and Jack Mohr said in their most recent Action Alerts Plus weekly roundup.
TheStreet's Chris Versace and Bob Lang of Trifecta Stocks have identified Panera as the "Chart of the Day." Here is what Versace and Lang had to say about the company:
Panera Bread's chart has a nice, defined rising trend channel barely sloping upward, but as it travels in this channel it is making higher lows and modestly higher highs.
Volume of late has been solid and the Moving Average Convergence Divergence (MACD) is just confirmed on a buy signal.
The stock should move easily toward the upper end of the channel, near $235 or so. That would be about a 10% move higher.
Momentum indicators broke the downtrend line and are moving up toward overbought.
Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B.
Panera's strengths such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, good cash flow from operations and solid stock price performance outweigh the fact that the company shows low profit margins.
You can view the full analysis from the report here:
PNRA
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.