UPDATE: Benchmark Downgrades The Pantry, Comps Expected to Improve

In a report published Friday, Benchmark analyst Ronald Bookbinder downgraded The Pantry, Inc. (NASDAQ: PNTY) from Buy to Hold, based on limited upside to its target price of $18.00. According to the report, the shares are believed to be close to fully valued as the 57.8% rally in share price since