Truist analyst Jake Bartlett lowered the firm’s price target on Cracker Barrel to $46 from $51 and keeps a Hold rating on the shares. The firm is citing the company’s Q3 comps miss and lowered FY24 guidance, the analyst tells investors in a research note. Truist adds that while traffic has improved slightly from Q3 levels, results for Cracker Barrel will remain pressured until spending from lower income consumers improves and competitive discounting eases.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CBRL:
- CRACKER BARREL REPORTS THIRD QUARTER FISCAL 2024 RESULTS
- Cracker Barrel lowers FY24 revenue view to $3.47B-$3.51B from $3.5B-$3.6B
- Cracker Barrel reports Q3 adjusted EPS 88c, consensus 66c
- CBRL Earnings Report this Week: Is It a Buy, Ahead of Earnings?
- Why did Cracker Barrel Old Country Store (NASDAQ:CBRL) Make an 80% Dividend Cut?
Questions or Comments about the article? Write to editor@tipranks.com