Wells Fargo Begins Coverage on Cracker Barrel (CBRL) with Cautious Outlook

Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) is one of billionaire Steve Cohen’s small-cap stock picks with huge upside potential. On October 17, Wells Fargo initiated coverage of Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) with an Equal Weight rating and a $42 price target.

The firm noted that the company’s fundamentals have weakened, citing consumer resistance to recent strategic changes. This hesitation has raised concerns about Cracker Barrel’s ability to regain momentum and effectively reposition its brand.

Wells Fargo expressed uncertainty about the company’s near-term performance, particularly its efforts to stabilize customer traffic and refresh its image. Until there is clear evidence of operational improvement, the firm expects Cracker Barrel’s stock to remain range-bound.

Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) operates a chain of combined restaurant and retail locations across the United States. Each store features a full-service restaurant offering breakfast, lunch, and dinner, along with an on-site gift shop. The company provides dine-in, takeout, and delivery options to serve a wide range of customer preferences.

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Disclosure: None. This article is originally published at Insider Monkey.