Truist raised the firm’s price target on Cracker Barrel (CBRL) to $47 from $45 and keeps a Buy rating on the shares after its Q2 earnings beat and narrowed guide. Improving trends in January and February give the firm increased confidence that Cracker Barrel sales will recover from the August re-branding fiasco, driven by a combination of operational improvements, menu innovation, loyalty penetration, time that “heals all wounds”, and a possible boost from tax refunds, the analyst tells investors in a research note.
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