“We’re taking Panera Bread off of Investing Ideas as a precautionary measure,” writes Hedgeye CEO Keith McCullough. “Our Restaurants team thinks it’s going to be a bad quarter for the entire industry. I don’t want to be holding that risk. We still like this company long-term and may come back to this one at a later date.”
Here’s more from Hedgeye Restaurants analyst Howard Penney:
“Earnings season will be ugly! In 2016, same store sales were -1.1%, down 310bps from 2015, and the poorest industry performance since the recession.”
