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Panera Bread (PNRA) Stock Spikes, Jefferies Upgrades on Rising Same-Store Sales

NEW YORK (TheStreet) -- Panera Bread Co. (PNRA - Get Report) shares are rallying by 2.67% to $217 in Tuesday's pre-market trading session, after Jefferies boosted its rating on the stock to "buy" from "hold" earlier today citing several positive catalysts.

The firm, which also hiked its price target to $245 from $195, believes same-store sales will rise over the next few years with the brand's broadening consumer reach, lifting earnings.

"Panera should command a premium valuation given improved same-store sales and earnings visibility, a potential uptick in margins, and a relative dearth of growth...