Jim Cramer Is Not A Buyer Of Panera (PNRA)

On CNBC's "Stop Trading! Listen to Cramer", Jim Cramer said that he can't back up Panera Bread Company (NASDAQ: PNRA) at the moment, because of its high P/E multiple and the fact that it doesn't pay the dividend.

He would like to buy Panera Bread Company (PNRA) on the sharp, "misinformed" sell offs that happen four or five times a year. These sell offs are the buying opportunity, because lot of people don't understand the importance and the potential of the health food industry.

Panera Bread Company (PNRA) fell 0.51% today and closed at $78.20.