Cracker Barrel price target lowered to $46 from $51 at Truist

Truist analyst Jake Bartlett lowered the firm’s price target on Cracker Barrel to $46 from $51 and keeps a Hold rating on the shares. The firm is citing the company’s Q3 comps miss and lowered FY24 guidance, the analyst tells investors in a research note. Truist adds that while traffic has improved slightly from Q3 levels, results for Cracker Barrel will remain pressured until spending from lower income consumers improves and competitive discounting eases.