Cracker Barrel price target lowered to $68 from $72 at Truist

Truist lowered the firm’s price target on Cracker Barrel to $68 from $72 and keeps a Hold rating on the shares. The firm contends that the company’s store closures “remain elevated” this year, having found 4 permanent store closures at Cracker Barrel in the last week and 2 Maple Street closures so far in Q3, the analyst tells investors in a research note. When Cracker Barrel entered the West Coast in FY17, the region was considered a growth opportunity in a mature system, fueled by the more efficient ‘Fusion’ design prototype, but its high operating costs were a key factor in the lack of growth and now closures, the firm added.