UPDATE: Argus Downgrades Cracker Barrel
In a note released Wednesday, Argus analysts downgraded shares of ,b>Cracker Barrel Old Country Store (NASDAQ: CBRL) from Buy to Hold and removed the $120 price target.
Despite a positive view on Cracker Barrel's theme, location and brand, the team at Argus cautioned that the company is in a slow growing and highly competitive segment.
In terms of share price, the team views the current valuation in the area of $100 as a fair representation of the company's position.
Looking forward, the Argus analysts have reduced their EPS estimates for fiscal 2014 and 2015 from $5.80 and $6.40 to $5.60 and $6.30, respectively.
Following the downgrade, shares of Cracker Barrel are trading down less than two percent.
Latest Ratings for CBRL
|Jan 2016||SunTrust Robinson Humphrey||Upgrades||Neutral||Buy|
|Nov 2015||Argus Research||Downgrades||Buy||Hold|
|Oct 2015||SunTrust Robinson Humphrey||Initiates Coverage on||Neutral|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.