UPDATE: Argus Downgrades Cracker Barrel

In a note released Wednesday, Argus analysts downgraded shares of ,b>Cracker Barrel Old Country Store

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.