Wells Fargo analyst Anthony Trainor raised the firm’s price target on Cracker Barrel (CBRL) to $35 from $30 and keeps an Equal Weight rating on the shares. The firm notes Q2 comparable-store sales/EBITDA cleared a low bar, quarter-to-date is off to a slightly better start, and initiatives are gaining traction. Some relief appears warranted on early signs of progress, but obstacles remain and near-term risk/reward appears balanced, Wells adds.
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