Zeev's Turnips Patch-No Politics (ZEEV)

[marketmaven]

ZH, 50x multiple for no-growth breadmaker PNRA?

WR Hambrecht: Panera reported a 5.0% increase in system-wide same store sales. This suggests that system-wide traffic was up approximately 0.25%. As we add it up, traffic is the critical driver on which this story hinges. If restaurant level traffic grows, earnings expectations and the stock are both likely to move higher. The converse is also true.