3 Analysts Chime In On Panera Bread CFO Resignation
Shares of Panera (NASDAQ: PNRA) traded down Tuesday after the company reported it's Chief Financial Officer, Roger Matthews, will step down at the end of August, ending his 18-month tenure with the company.
Panera last week reported $1.82 in EPS vs. expectations of $1.75, on revenue of $631 million vs. expectations of $640.78 million. The company also guided its FY2014 EPS down in light of higher than expected input costs.
Oppenheimer acknowledged the unease delivered to investors when an unexpected management change is announced, although the research company does not view this action as alarming. Oppenheimer would like to see Executive Vice Chairman Bill Moreton eventually fill the CFO position.
"The stock remains attractive on valuation and low expectations. Long-term investors should consider buying at current levels" Oppenheimer said in a note on Tuesday.
Deutsche Bank highlighted the difficult timing of Matthews departure. The firm said Panera is repositioning itself, while financial results "been on the decline and difficult to forecast."
Wunderlich Securities spoke with Matthews after his resignation was announced. The firm believes his decision was driven by "corporate stress".
Panera traded recently at $149.60, down 0.94 percent.
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