Piper Sandler analyst Brian Mullan lowered the firm’s price target on Cracker Barrel (CBRL) to $49 from $56 and keeps a Neutral rating on the shares following quarterly results. For the quarter, Restaurant same-store sales were +5.4%, with traffic being down 1%. For the first 18 days to start the current Q1 2026 time period, traffic remained in the down 1% range. Following the unveiling of the new logo on August 19 and the related media attention, traffic has been running down 8%, Piper notes. Largely as a result of the traffic step-down, Cracker Barrel provided an initial FY2026 revenue guidance range which was below consensus.
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