Panera (PNRA) was initiated with a buy rating and $255 price target at Canaccord Genuity on Tuesday morning and that's just fine with TheStreet's Jim Cramer who said he would buy it on any weakness. The St. Louis based fast-casual chain may prove to be one of the best long-term opportunities in the space as outsized earnings are on the horizon, the firm said. Canaccord also began coverage of the restaurant industry with an overall cautious view. Panera was one of four buy rated stocks out of 15 that were initiated.

At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.