UPDATE: Miller Tabak Downgrades Cracker Barrel to Hold on Valuation

Miller Tabak downgraded Cracker Barrel Old Country Store

from Buy to Hold and maintained an $81.00 price target. Miller Tabak analyst Stephen Anderson noted, "We downgrade Cracker Barrel Old Country Store (CBRL) to Hold (from Buy) this morning as the stock neared our $81 price target yesterday. … [I]n light of the 25% year-to-date rally (and the 43% y/y gain) in CBRL shares, we now think CBRL's current share price reflects continued above-peer comp growth, margin expansion, and reduced interest costs that we estimate will lift EPS in FY14 and beyond." Cracker Barrel Old Country Store closed at $79.97 on Monday.