Cracker Barrel price target lowered to $75 from $82 at Loop Capital

Loop Capital lowered the firm’s price target on Cracker Barrel to $75 from $82 and keeps a Hold rating on the shares. The company’s Q1 results saw a “modest” comps beat but a “sharp” earnings miss as menu pricing rose 6.8% but traffic fell 7.3%, even though the management indicated that monthly traffic trends improved over the course of the quarter, the analyst tells investors in a research note. Given concerns the company’s comparable sales could be pressured at least in the near-term, shares are fairly valued at the present time despite trading at enterprise value to expected forward EBITDA multiple of 7.5-times, below the 5-year average of 11-times, the firm adds.