Now what: Glass lowered his EPS estimates to the low end of Panera's 2013 guidance and below the Wall Street consensus for 2014. "While check growth is a complex combination of pricing, mix, and catering, it is clear from our survey work that value is a perceived weakness in an otherwise sterling brand," said Glass. "One third of [Panera] consumers indicate that menu prices are high, which we think lowers frequency." With the stock flirting with its 52-week lows once again and trading at a reasonable forward P/E of 20, however, the growth that Panera does have left might be available on the cheap.