BofA raised the firm’s price target on Cracker Barrel (CBRL) to $53 from $45 and keeps an Underperform rating on the shares. Cracker Barrel’s store-level execution has improved, which could signal early wins in the strategic turnaround, but the firm believes favorable industry trends primarily drove the Q1 traffic performance. While the firm expects restaurant-level margin to expand in FY25, it is lowering its FY25 EPS forecast on higher G&A and interest expense.
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