Wunderlich Securities Refines Projections for Cracker Barrel Old Country Store

In a report published Wednesday, Wunderlich Securities analyst Robert M. Derrington reiterated a Hold rating and $106.00 price target on

. In the report, Wunderlich Securities noted, “Cracker Barrel recently (CBRL) reported better than projected fiscal 4Q14 (July) EPS from Ops of $1.63, beating our $1.55/Street $1.56 estimates. The results were aided by better than projected revenue, lower than projected G&A (incentive comp), and 180bps lower than expected tax rate. Impressively, Cracker Barrel SSS for both Restaurants and Retail 'beat', outperformed the Knapp Track industry benchmark for the 11th consecutive quarter. Along with its results, management set its initial FY15 EPS target at $5.80-$5.95, below our previous $6.00/Street $6.09, including $0.20-$0.25 EPS impact from a higher tax rate. Recently trading at 9.0x our 2015 EV/EBITDA vs. its peers trading on avg. at 8.3x, we reiterate our Hold rating and PT of $106.00.” Cracker Barrel Old Country Store closed on Tuesday at $102.02.