Loop Capital lowered the firm’s price target on Cracker Barrel to $82 from $97 and keeps a Hold rating on the shares. The company beat on Q4 earnings but missed on same-store sales at 2.4% vs. the firm’s 4.5% and consensus at 4.0% as menu pricing was up 8.7% while traffic declined 6.3%, the analyst tells investors in a research note. Cracker Barrel has also indicated that it sees similar traffic declines to continue during “most of Q1”, the firm added, cutting its FY24 EPS view to $5.62 from $6.68.
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