Cracker Barrel price target lowered to $45 from $50 at Truist

Truist analyst Jake Bartlett lowered the firm’s price target on Cracker Barrel (CBRL) to $45 from $50 and keeps a Buy rating on the shares after its Q1 earnings miss and guidance cut. Sales trends have not begun to recover from the re-branding fiasco, or any recovery has been offset by macro pressures, but the management is taking the right steps to rebuild traffic by focusing on improved service and food quality, which is being reflected in strengthening guest satisfaction scores and will eventually be reflected in a traffic recovery, the analyst tells investors in a research note.