Panera Bread Co. reported third-quarter profit that matched analysts’ view, and shares fell 4.6 percent despite its better-than-expected profit targets for the fourth quarter and next year.

The chain which sells fresh-baked bread and salads and sandwiches, said third-quarter net income jumped 21 percent to $22.8 million, or 75 cents per share, just matching analysts’ average view, according to Thomson Reuters I/B/E/S.

Revenue rose 11 percent to $372 million.

Panera is one of the restaurant industry’s best performers and is often punished when results do not top expectations.

The company raised its fourth-quarter earnings target to $1.15 to $1.17 per share, above analysts’ average call for a earnings of $1.13 per share. It also set its 2011 earnings target at $4.30 to $4.35, higher than analysts’ calls for a profit of $4.19 per share.

Shares of St. Louis-based Panera, one of the top-performing U.S. restaurant chains, closed at $94.35 on the Nasdaq and shares fell to $90 in extended trade.