Shares of Panera Bread (PNRA) are up 4% Wednesday after the company beat on earnings per share and revenue expectations.

"They delivered a blowout quarter," TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Stop Trading" segment. Panera is an AAP holding.

Cramer pointed out a "devastating sell" rating from analysts at Stifel Nicolaus on Tuesday. In essence, the analysts made the case that Panera's comp-store sales results could come in well below expectations. So much for that, Cramer said.

The company posted comp-store sales gains of 4.1% at its company-owned stores, while its turnaround efforts, dubbed Panera 2.0, are "doing great," Cramer said.

Panera raised the lower end of its earnings per share guidance range from $6.50 to $6.70, to $6.60 to $6.70. Shares are up 10.7% on the year.

Image placeholder title

At the time of publication, Cramer's Action Alerts PLUS had a position in PNRA.