Goldman Sachs has swapped its rating on Panera Bread (PNRA) and Bloomin' Brands (BLMN - Get Report) , sending shares of the restaurants in opposite directions Thursday afternoon.

The firm upgraded Panera Bread to "buy" from "neutral" while downgrading Bloomin' Brands to "neutral" from "buy." 

Goldman's upgrade of Panera Bread reflects increased confidence that food delivery will drive revenue growth.

Additionally, a survey by the firm found that Panera Bread is relatively more competitive than its peers. 

"Estimate uncertainty remains an ongoing concern; however, we view valuation as increasingly compelling," analysts Karen Holthouse and Gregory Lum said.

Goldman raised its price target to $227 from $199, with the new price target about 6% higher than the stock's current levels.

Bloomin' Brands's downgrade reflects disappointing same-store sales, wage inflation and Outback Steakhouse's lack of strategic direction.

"Although steak likely drives a favorable commodity outlook for 2017 given still very favorable cattle markets, we see risk to the top-line, downside on labor costs, and additional estimate pressure from rising rates," the analysts noted.

The firm lowered its price target to $18 from $21 on shares.

Panera Bread stock was trading 0.59% higher today at $214.40, and Bloomin' Brands was down 0.77% to $16.85.