Cracker Barrel price target lowered to $75 from $96 at Piper Sandler

Piper Sandler lowered the firm’s price target on Cracker Barrel to $75 from $96 and keeps a Neutral rating on the shares. Earlier this week, Cracker Barrel reported its Fiscal Q1 results, hosted its call, and provided initial Fiscal 2024 guidance, the firm notes. While results for the quarter itself were in-line with management’s expectations, Cracker Barrel’s full-year adjusted operating income guidance range came in about 8% below pre-print consensus at the mid-point, and 15% below at the low-end. With a new CEO in place, Piper does expect interest in the story to pick up a bit from here, as investors try to figure out what may or may not be able to be done to improve the trajectory of the business.