Cracker Barrel initiated with an Equal Weight at Wells Fargo

Wells Fargo initiated coverage of Cracker Barrel (CBRL) with an Equal Weight rating and $42 price target The company’s fundamentals “have deteriorated” as consumers are resisting its changes, the analyst tells investors in a research note. Wells sees “considerable uncertainty” around Cracker Barrel’s near-term trends and its path forward to stabilize traffic and reshape brand imaging. It believes the shares will be range-bound pending evidence of improvement.