Cracker Barrel price target raised to $125 from $116 at CL King

CL King analyst Andrew Wolf raised the firm’s price target on Cracker Barrel to $125 from $116 and keeps a Buy rating on the shares. Cracker Barrel recently updated Q2 and FY23 guidance, with Q2 results expected to be modestly below the firm’s previous forecasts due to adverse weather in late December, but with FY23 guidance maintained, Wolf tells investors in a research note. An earnings inflection point remains visible in the back half of FY23, based on the anticipated normalization of food ingredients costs combined with steady sales results, the analyst adds.