UPDATE: Bank of America Raises PT on Cracker Barrel Old Country Store on Higher Estimates, Restaurant Group Valuations

In a report published Thursday, Bank of America analyst Joseph T. Buckley reiterated a Neutral rating on Cracker Barrel Old Country Store (NASDAQ: CBRL), and raised the price target from $101.00 to $110.00.

In the report, Bank of America noted, “We continue to rate CBRL shares Neutral and are raising our price objective from $101 to $110 based on higher estimates and higher restaurant group valuations. CBRL reported better than expected 4Q (July) EPS of $1.43, exceeding our estimate of $1.31 and consensus of $1.35. Restaurant same store sales were up 2.6% with traffic up 0.6%, the seventh consecutive quarter of positive performance for both metrics. Cracker Barrel's performance is impressive, especially given deterioration in industry sales trends that began in June and worsened in July. Retail same store sales were up 1.1% for 4Q.”

Cracker Barrel Old Country Store closed on Wednesday at $104.73.