Cracker Barrel upgraded to Buy from Hold at Truist

Truist analyst Jake Bartlett upgraded Cracker Barrel (CBRL) to Buy from Hold with a price target of $55, up from $51. The company is still very early in its turnaround, but the solid results in the last two quarters provide confidence in a sustained improvement, which does not appear reflected in the stock’s valuation, the analyst tells investors in a research note. The firm believes Cracker Barrel’s recent menu innovation and improved service levels have enabled it to take “significant price, while improving its traffic trajectory, consumer satisfaction scores and margins, all before a potential boost from a remodel program.”