BofA lowered the firm’s price target on Cracker Barrel (CBRL) to $48 from $60 and keeps an Underperform rating on the shares. The company’s “robust” fiscal Q2 beat reflects both strong holiday and catering sales through pricing actions in the Heat n’ Serve channel, as well as continued signs of improvement in restaurant level execution. However, while the firm is raising FY25 EBITDA and EPS estimates on higher same-store sales growth expectations, it is lowering its price target on account of a lower market multiple.
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Read More on CBRL:
- Cracker Barrel price target lowered to $50 from $55 at Loop Capital
- Cracker Barrel price target raised to $39 from $38 at Citi
- Cracker Barrel’s Financial Outlook: Sell Rating Amidst External Challenges and Rising Costs
- Cracker Barrel Reports Growth Amid Profit Challenges
- Cracker Barrel reports Q2 adjusted EPS $1.38, consensus $1.09
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