Argus Upgrades Cracker Barrel (CBRL) to Buy
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Argus upgraded Cracker Barrel (NASDAQ: CBRL) from Hold to Buy with a price target of $190.00.
The analyst notes the company has reported higher comp sales for ten consecutive quarters, and they expect its “barbell strategy,” with a dual focus on more expensive menu items and value meals, to result in low single-digit comp growth in FY17.
The firm raising FY17 EPS estimate from $8.12 to $8.30 and our FY18 estimate from $8.70 to $8.88. The firm's long-term earnings growth rate estimate is 11%.
Shares of Cracker Barrel closed at $162.74 yesterday.
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