Cracker Barrel price target lowered to $68 from $75 at BofA

BofA analyst Katherine Griffin lowered the firm’s price target on Cracker Barrel to $68 from $75 and keeps an Underperform rating on the shares. While sequential improvement in restaurant traffic seen in Q1 carried into November, the improvement comes off a low base and competitors have reported similar improvements in traffic trends, the analyst tells investors. The firm expects traffic to remain under pressure as consumers continue to manage spending and year-over-year comparisons grow more difficult, added the analyst, who is lowering FY24 estimates as demand headwinds persist.