Cracker Barrel Upgraded to “Buy” at KeyBanc (CBRL)

By Staff,

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Restaurant and retail concept operator Cracker Barrel Old Country Store, Inc. ( CBRL ) saw its rating and price target boosted on Wednesday by analysts at KeyBanc.

The firm raised its rating on CBRL to "Buy," and set a $59 price target on the stock, which had closed at $47.80 on Tuesday.

A KeyBanc analyst commented, "CBRL put up another impressive quarter in 3Q10, which not only produced positive SSS in both the restaurant and retail divisions, but also represented the fifth consecutive quarter of operating margin improvement (up 40 basis points to 5.5% from 5.1% in 3Q09). Additionally, we expect many of the improved consumer trends that aided CBRL in 3Q10 along with multiple other catalysts to continue to drive the brand's outperformance in the coming quarters."

Cracker Barrel shares were mostly flat in premarket trading Wednesday.

The Bottom Line
Shares of CBRL have a dividend yield of 1.67%, based on last night's closing stock price of $47.80. The stock has technical support in the $45-$46 price area. The stock is currently trading near all-time highs of $53 a share. We would remain on the sidelines for now, but we will be watching the stock closely.

Cracker Barrel Old Country Store, Inc. ( CBRL ) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Stocks
Referenced Stocks: CBRL

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