UPDATE: Wunderlich Securities Reiterates On Cracker Barrel Old Country Store Following Recent Gains

In a report published Friday, Wunderlich Securities analyst Robert M. Derrington reiterated a Hold rating on Cracker Barrel Old Country Store (NASDAQ: CBRL), and raised the price target from 106.00 to $124.00.

In the report, Wunderlich Securities noted, “Cracker Barrel (CBRL) recently reported better than projected fiscal Q1F15 (Oct) EPS of $1.42, handily beating our $1.30/Street $1.29 estimates. The results reflect better SSS, restaurant margin, and lower G&A. Impressively, Cracker Barrel Restaurant SSS outperformed the Knapp Track industry benchmark for the 12th consecutive quarter. Along with its results, management raised FY15 EPS guidance to $5.95-$6.10 from $5.80-$5.95. That strong performance has contributed CBRL shares appreciating 34% in the past 4 months. While we have revised our projections slightly ahead of guidance and our PT to $124 from $106, we believe CBRL appears fairly valued, recently trading at 10.4x our revised cal. 2015 EV/EBITDA vs. its peers who trade on average at 9.4x, and we reiterate our Hold rating.”

Cracker Barrel Old Country Store closed on Thursday at $128.78.