Piper Sandler analyst Brian Mullan lowered the firm’s price target on Cracker Barrel (CBRL) to $27 from $49 and keeps a Neutral rating on the shares following quarterly results. The firm notes that unfortunately, the struggles that kicked off in August have continued at Cracker Barrel, with traffic in the quarter down 7.3%, and with management disclosing on the call that Fiscal Q2-to-date traffic is currently running down 11%. As a result, the company materially lowered its full year 2026 adjusted EBITDA guidance expectations for the year.
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