Morgan Keegan Maintains Outperform on Cracker Barrel Old Country Store

Morgan Keegan is out with its report today on Cracker Barrel Old Country Store (NASDAQ: CBRL), maintaining Outperform.

In a note to clients, Morgan Keegan writes, "Our price target for Cracker Barrel of $60 reflects a continuation of the company's historic multiples of 12-14x forward 12-month EPS and approximately 7.5x projected EV/EBITDA on our calendar 2012 projections. Given our projection for the company's SSS momentum to continue to outperform its peers despite the difficult economic environment, we believe the company's low double-digit earnings growth appears sustainable through FY11 and FY12. That, combined with the company's strong value proposition, unique Old Country Store motif, considerable cash flow and attractive dividend yield, present CBRL as an attractive investment thesis at a reasonable valuation in our view."

Morgan Keegan maintains a $60 PT on CBRL.

Shares of CBRL closed Monday at $53.15.