Cracker Barrel price target lowered to $42 from $46 at Truist

Truist lowered the firm’s price target on Cracker Barrel to $42 from $46 and keeps a Hold rating on the shares ahead of its Q4 results in two weeks. The firm warns that the company may offer “disappointing” FY25 guidance amid a weak demand environment, with internal expectations that may now be lower, about 30bps of unusual margin tailwinds in FY24, and spiking egg prices, the analyst tells investors in a research note. The management has also described FY25 as an “investment year”, and the firm expects little benefit from cost savings.