BofA analyst Katherine Griffin raised the firm’s price target on Cracker Barrel (CBRL) to $45 from $42 and keeps an Underperform rating on the shares after the company provided preliminary Q1 results ahead of its December 4 reporting date. Applying a higher multiple owing to market multiple expansion results in the firm’s upwardly revised target, but it reiterates its Underperform rating as it continues to see downward EPS pressure from increased investments associated with the strategic turnaround.
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