Truist lowered the firm’s price target on Cracker Barrel (CBRL) to $50 from $58 but keeps a Buy rating on the shares. The company’s sales do not appear to have begun recovering from the August re-branding fiasco, which the firm attributes primarily to macro pressures and negative social media commentary ahead of the proxy vote last month, the analyst tells investors in a research note. With the proxy vote behind it however, the CEO keeping her board seat, and continued menu and service improvements, Truist expects sales to recover, the firm added.
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