Cracker Barrel initiated with a Neutral at Piper Sandler

Piper Sandler analyst Brian Mullan initiated coverage of Cracker Barrel with a Neutral rating and $96 price target. As the firm launches coverage of the full service restaurant sector, the analyst contends that at “a high level, there is no denying that the full service segment continues to lose share to limited service, which makes for somewhat of a tricky backdrop for the sector.” While expressing a “a somewhat cautious view” on the group, the analyst thinks there are opportunities for individual operators to take share and add value “if the right strategies are embraced.”