Wells Fargo analyst Jon Tower says his below-consensus expectations for Cracker Barrel's fiscal Q4 and 2019 guidance proved too optimistic, with the company "even delaying its expected cost reduction and operating margin fiscal 2020 targets to boot." He's concerned that the company has not moved fast enough from a menu and service standpoint to address the growing millennial age cohort while simultaneously "leaking traffic" from the boomer age cohort. The analyst thinks Cracker Barrel will continue to post negative restaurant traffic into fiscal 2019. Skepticism on the shares is warranted as a traffic recovery is needed before the stock recovers, Tower tells investors in a post-earnings research note. He keeps a Market Perform rating on Cracker Barrel and lowered his price target for the shares to $139 from $140.