In a report published Monday, Bank of America analyst Joseph T. Buckley reaffirmed a Neutral rating on Cracker Barrel CBRL and raised the price target from $99 to $101.
In the report, Bank of America cited that the price target increase was, “premised on 15x potential EPS of $6.70, as we believe shares are trading in part on the potential $1 EPS accretion should CBRL repurchase 20% of its shares from its activist investor. We are raising our FY 2013 and 2014 EPS estimates from $4.80 and $5.60 to $4.85, the high end of $4.75-$4.85 guidance, and $5.70, respectively.”
Cracker Barrel closed Monday at $95.28.
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