Truist Securities is taking a bite out of Cracker Barrel as the restaurant brand’s turnaround plan begins to take off. Analyst Jake Bartlett upgraded the company to buy from hold and increased his price target on shares by $4 to $55, which suggests 28.4% potential upside. “CBRL is still very early in its turnaround, but solid results in the last 2 quarters gives us confidence in a sustained improvement, which does not appear reflected in valuation,” Bartlett said in a note to clients. “You don’t have to believe in the full turnaround to see upside in the stock.” The stock has lost more than 37% over the past year, as Cracker Barrel has been working toward a three-year turnaround plan that the company’s CEO said should lead to results in the back half of its fiscal 2026 and 2027 performance. The plan involves location remodels, new menu items and improved technology for its loyalty program and to-go business, the executive previously told CNBC. CBRL 1Y mountain Cracker Barrel stock performance. Truist is liking the progress on Cracker Barrel’s turnaround efforts so far, especially now that the stock trades at a “compelling valuation.” Looking ahead, Bartlett thinks same-store sales will drive margin expansion and that traffic trends will continue to improve. Risks tied to tariffs and egg costs and availability are manageable, he added. The analyst is optimistic that continued new menu items, improved operations and recent loyalty program could continue to win over customers. Cracker Barrel is narrowing its pricing gap to casual dining and family dining peers and implementing tiered pricing across its stores while improving its food offerings, he said. “CBRL’s recent menu innovation and improved service levels have enabled it to take significant price, while improving its traffic trajectory, consumer satisfaction scores (including value) and margins, all before a potential boost from a remodel program,” Bartlett said.
