Truist analyst Jake Bartlett lowered the firm’s price target on Cracker Barrel (CBRL) to $62 from $65 and keeps a Buy rating on the shares ahead of its Q4 results this week. The firm sees a highly uncertain but positive setup into the quarter against very low investor expectations, with short interest on the stock near a 17-year high, the analyst tells investors in a research note. Cracker Barrel’s pivot away from a remodel program is also positive as a likely ‘refresh’ program takes its place, supporting sales while freeing up cash to return to shareholders, Truist added.
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