Cracker Barrel price target lowered to $75 from $90 at BofA

BofA lowered the firm’s price target on Cracker Barrel to $75 from $90 and keeps an Underperform rating on the shares, telling investors that the company’s Q4 same-store sales growth miss and Q1 guidance shortfall “reveal multiple demand headwinds at play.” While Cracker Barrel says it plans for marketing to recover traffic share, BofA thinks elevated menu pricing could inhibit these efforts should consumer spending weaken further and competitive intensity ramp up, the analyst tells investors.