UPDATE: Miller Tabak Increases its PT on Cracker Barrel Old Country Store to $76

According to a research report this morning, Miller Tabak increases its PT on Cracker Barrel Old Country Store (NASDAQ: CBRL) from $62 to $76 following strong 3Q12.

Miller Tabak explained, “In our view, CBRL is generating positive growth in traffic—not just comps—thanks to its effective communication of its revamped value strategy, and we expect sales momentum to continue, particularly as we think fuel prices will head lower in the next couple of quarters. At the same time, management continues to hone the efficiency of operations, which we argue is a key ingredient of CBRL's earnings power, and we think further moderation in food costs will provide an additional margin catalyst for the next 12 to 18 months.”

CBRL closed yesterday at $57.38 as Miller Tabak reiterates its Buy rating.