Wells Fargo lowered the firm’s price target on Cracker Barrel (CBRL) to $30 from $42 and keeps an Equal Weight rating on the shares. The firm notes Q1 missed and outlook was appropriately reset lower to reflect no recovery post logo debacle. While recent stabilization offers “hope the worst is behind us,” catalysts for improvement are thin and regaining momentum is an uphill battle in this backdrop, Wells argues.
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