S&P Equity Research Downgrades CBRL Group (CBRL) to Sell
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S&P Equity Research downgrades CBRL Group (Nasdaq: CBRL) from Hold to Sell.
S&P analyst, M. Basham, says, "CBRL reports $0.85 Jan-Q EPS vs. $0.60, substantially above our $0.68 estimate. However, results include a $0.05 gain on the sale of real estate, favorable adjustments to general insurance reserves, and substantially lower incentive compensation accruals. While these one-offs flatter current results, they do not hide the 60 basis point decline in operating margins or the further deterioration in cash flow that we see. We raise our EPS estimate for FY 08 (July) by $0.10 to $2.85, but cut FY 09's by $0.10 to $2.75. On revised DCF analysis, we lower our target price by $4, to $31."
CBRL Group, Inc. is a holding company that, through its subsidiaries, is principally engaged in the operation and development of the Cracker Barrel Old Country Store restaurant and retail concept.
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