Cracker Barrel price target lowered to $66 from $77 at Citi

Citi analyst Jon Tower lowered the firm’s price target on Cracker Barrel to $66 from $77 and keeps a Sell rating on the shares. The company’s fiscal Q4 results generally came in as expected “and confirmed the brand is in a tough bind,” the analyst tells investors in a research note. The firm says Cracker Barrel’s core brand “needs to be on-air promoting value to drive traffic.” This comes at a cost and historically this strategy has not proven a sustainable method to raise existing customer frequency or draw in new consumers, contends Citi.