Opening Panera

Panera Bread (PNRA) was on my radar since the beginning of the year. I missed the opportunity in March, then stock ran too high too fast for my taste. Now I think is a time to open the position.

I don't know if it's a bottom for the stock. That's why I opened small amount and will buy more if stock is going down from here.

I was invested in PNRA between 2002 and 2007. Sold in 2007 because I didn't like how business was managed at the time. Now it looks like management fixed the problems and restaurants around me are full of people again. Fundamentals are good, although P/E looks a little bit high at around 21. But company doesn't have any debt and has very tight financial management, which is very important in current conditions.

Full disclosure: at the time of publication author had a long position in PNRA. Positions can change any time.