NEW YORK (TheStreet) -- Chipotle (CMG) - Get Report is still struggling to win its customers back after foodborne illness outbreaks about a year ago, based on its 2016 third quarter results, much to Panera Bread's (PNRA) delight, Maxim Group analyst Stephen Anderson said on CNBC's "Squawk Box" Wednesday morning.

Chipotle reported earnings of 56 cents per share after the close Tuesday, missing analysts' estimates of $1.56 per share. Sales plunged by 21.9%, vs. expectations for a drop of 18.9%. 

"This is not the growth story that it was even a few years ago," Anderson said.

Right now, Chipotle is still relying on promotions to gain traffic after the health scares that started at the end of 2015. "There's no indication when that will reverse," he added. 

Since the fast casual rseturant sector is "very competitive and very fast-moving," its customers have probably already moved on to other options, Anderson said. 

Chipotle's new product offering of Chorizo could be promising, considering the last time the restaurant offered a new proudct - a vegan tofu burrito- it got a slight boost in comp growth, Anderson pointed out. 

But Chipotle's loss has been Panera Bread's gain, considering the two restaurants often reside in the same shopping center or location. "[Panera Bread] is the main beneficiary of that downside," he claimed. 

Panera Bread beat on the top and bottom line for the 2016 third quarter and has "reinvented" itself with its push for fresh and clean food, Anderson explained. 

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After Tuesday's closing bell, Panera Bread reported earnings of $1.37 per share, above analysts' expectations of $1.34 per share. Revenue rose by 3% year-over-year to $684.2 million and beat analysts' estimates of $680.5 million. 

Shares of Chipotle were plunging by 5.34% to $384 in early morning trading on Wednesday, while shares of Panera Bread were higher. 

Separately, 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 articles's author.

TheStreet Ratings team rates Chipotle as a Hold with a ratings score of C. The primary factors that have impacted the team's rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.

You can view the full analysis from the report here: CMG

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