CBRL - Cracker Barrel is cut at Goldman Sachs because older diners are not visiting

Deutsche Bank turned cautious on Cracker Barrel Old Country Store ( NASDAQ: CBRL ) on concerns that older diners have not returned to the chain after the pandemic.

Analyst Brian Mullan and team said the bull thesis on CBRL seeing a summer traffic recovery did not play out as the firm did not fully appreciate the visit frequency of the +65 year-old guest and how long they might stay away from dining in at CBRL.

"At the same time, and in addition, the labor and commodity expense inflation environment across the industry has been worse than we anticipated (for everyone), and it feels fair to say that CBRL hasn't navigated those dynamics particularly well (on a relative to peer basis)."

The firm cuts its price target on CBRL to $100.

The Seeking Alpha Quant Rating on CBRL has not budged from Hold all year with a low mark for EPS revisions restraining the score.

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