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Panera Bread Slips After Management Projects Foggy EPS Future

Panera Bread is slipping after management declined to provide earnings guidance beyond the end of the year. The bakery chain said the recent rollout of new initiatives, including an investment in its online presence, would mean choppy earnings growth in the near- and medium-term. Such uncertainty wasn't what analysts were hoping for. In response, Wunderlich downgraded the stock to "hold" from "buy" and slashed its price target, while Deutsche Bank cut its fiscal 2014 EPS forecast.