UPDATE: Morgan Keegan Raises PT to $62 on Cracker Barrel Old Country Store

Morgan Keegan raises its price target to $62 on Outperform-rated Cracker Barrel Old Country Store (NASDAQ: CBRL) on raised projections driven by strong operating momentum.

Morgan Keegan says, "FY12 EPS guidance raised to $4.20-4.35 from $4.10-4.25 reflecting higher SSS target of +1.0-2.0% for both Rest. and Retail (from flat-to-up-1.5%) and adjusted operating margins of 7.2-7.4% (from 7.0-7.2%). Q3 (Apr) EPS guidance set at $0.70-0.75 vs. prev. MK $0.64, Street $0.72. Raising FY12 to $4.40 (incl. Q3 $0.74) from $4.30; maintaining FY13 at $4.84."

CBRL closed at $57.86 a share yesterday.