- Truist securities analyst Jake Bartlett reiterated a Hold rating on the shares of Cracker Barrel Old Country Store Inc (NASDAQ:CBRL) and lowered the price target from $105 to $103.
- The analyst lowered FY23 and FY24 adjusted EPS estimates to $5.87 and $7.02, respectively, from $6.06 and $7.42.
- The analyst estimated a total sales growth of +6.8% in FY23, slightly below the low end of +7-9% guidance.
- The analyst expects favorable commodity price movements to partially offset the impact of lower-than-expected sales.
- With the data pointing to weaker sales trends in May, creating risk to FY23 guidance, the analyst sees a slight EPS beat.
- In addition to the analyst’s expectation of muted same-store-sales trends, Cracker Barrel has closed at least 6 stores in FY23 and Maple Street has closed 2.
- Store closures, according to the analyst, are likely to affect sales.
- The analyst believes commodities have become more favorable but has lowered FY23 operating margin estimates to 4.7% from 4.8% due to lower sales.
- Price Action: CBRL shares are trading lower by 1.17% at $101.14 on the last check Wednesday.
Limoneira’s Joint Venture With Lewis Group Of Companies Announces Additional 121 Homesite Closings With Lennar And Richmond American Homes
Joint Venture Has Now Closed 707 Residential Unit Sales; Completes Phase 1 at HarvestLimoneira Company (the "Company" or "Limoneira") (NASDAQ:LMNR), a diversified citrus growing, packing, selling and marketing company
