Cracker Barrel price target lowered to $46 from $48 at BofA

BofA lowered the firm’s price target on Cracker Barrel to $46 from $48 and keeps an Underperform rating on the shares. Ahead of earnings from the group, the firm fine tuned estimates for 19 restaurant companies across its coverage and also adjusted selected price targets to reflect estimate changes and lower market multiples. Across three different measures of restaurant industry performance, the firm sees evidence that June restaurant demand variously slowed moderately, was stable and improved in real terms, notes the analyst, who looks for the coming earnings reports to offer clarity.