Cracker Barrel downgraded to Underperform after run-up at Gordon Haskett. As previously reported, Gordon Haskett analyst Jeff Farmer downgraded Cracker Barrel to Underperform from Hold, stating that the share price run-up of 22% over the last 8 weeks is outpacing the company's fundamental prospects. Measures such as same-store sales, margins, unit growth and free cash flow conversion do not merit the stock's current premium valuation compared to both the casual dining peer group and Cracker Barrel's own trailing-5-year average valuation, Farmer tells investors. The perceived strength of the relationship between falling gas prices and Cracker Barrel's traffic is exaggerated, Farmer added in his note to investors. He lowered his price target on the stock to $160 from $170.
