Cracker Barrel Old Country Store Inc CBRL:NASDAQ

Last Price$108.44Cboe Real-Time Last Sale as of 2:57PM ET 8/15/22
Cboe Real-Time Quotes
Realtime quote and/or trade prices are not sourced from all markets
Today's Change+0.57(0.53%)
Bid (Size)$108.32 (7)
Ask (Size)$108.44 (100)
Day Low / High$107.12 - 110.03
Volume317.1 K

BofA Securities Downgrades Cracker Barrel Old Country Store to Underperform From Neutral Amid Inflation, Lapping of Stimulus Affecting Customers

12:09PM ET 6/27/2022 MT Newswires
BofA Securities downgraded Cracker Barrel Old Country Store's (CBRL) investment rating to underperform from neutral and lowered its price target to $94 from $108 amid inflationary pressures and lapping of stimulus affecting its older and lower-income-than-average customers.

BofA analyst Sara Senatore said in a note Monday that despite Cracker Barrel's initiatives to boost sales, it will be hard to "fully offset the forces buffeting its guests." Besides inflationary pressures, other potential risks include margin contraction from high food costs and slow recovery in leisure travel demand.

The restaurant and retail company's steady performance is being backed by its unique business model and its efforts to drive sales such as focusing on retail and off-premise, targeting millennials through its marketing initiatives, and creating a menu to appeal to more wealthy customers.

Cracker Barrel has an average investment rating of hold among analysts polled by Capital IQ, with price targets ranging from $86 to $110.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 88.02, Change: -1.68, Percent Change: -1.87