Cracker Barrel price target lowered to $77 from $79 at Citi

Citi lowered the firm’s price target on Cracker Barrel to $77 from $79 and keeps a Sell rating on the shares ahead of the fiscal Q4 report on September 13. It is hard to argue owning the shares heading into the print when it is likely too soon for a new CEO to have a credible strategy to drive long-term traffic, the analyst tells investors in a research note. The firm sees a high likelihood that a new CEO means setting a low bar for fiscal 2024 guidance.