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NEW YORK (AP) -- Shares of Panera Bread Co., a bakery and cafe chain operator, declined on Wednesday following President Neal Yanofsky's resignation, but analysts still remained upbeat on the company's prospects. Yanofsky's resignation is effective Jan. 4, Panera said after Tuesday's closing bell. Lehman Brothers analyst Jeffrey Bernstein said the resignation was surprising, but may end up being beneficial with management roles realigned. The company does not plan to fill the role of president, and current responsibilities will be split among Chief Executive Ron Shaich, Executive Vice President John Maguire and Chief Financial Officer Jeff Kip. Bernstein kept an "Equal Weight" rating on the stock and $54 price target, and said Shaich likely isn't retiring soon, especially given a tough operating environment. Robert W. Baird & Co. analyst David Tarantino said Yanofsky's departure was somewhat disappointing, but said Panera can still execute effectively on operational initiatives. The company operated without a president position before 2006, Tarantino said. Tarantino kept an "Outperform" rating on the stock and advised that investors buy on any weakness in the stock price. Shares lost $1.15, or 2.9 percent, to close at $38.64.
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