Cracker Barrel price target lowered to $57 from $65 at Citi

Citi lowered the firm’s price target on Cracker Barrel to $57 from $65 and keeps a Sell rating on the shares post the fiscal Q1 report. The analyst says Cracker Barrel is in the “spending money to make money” stage of a turnaround with investments in advertising and front of house labor. The firm expects this becomes harder to execute into 2024 with an election cycle pushing up advertising costs.