BofA analyst Sara Senatore raised the firm’s price target on Cracker Barrel (CBRL) to $45 from $39 and keeps an Underperform rating on the shares. While “encouraged” by commentary that trends improved through Q3 and have sustained quarter-to-date, the firm adds that the 5.3% traffic decline in Q3 lagged behind those of full-service peers. The firm believes Q4 will “serve as an important litmus test” of the company’s strategic pillars as Cracker Barrel invests in advertising that highlights its brand refinement and menu news and continues to benefit from improved operations in a more normal operating environment, the analyst added.
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