09:10 AM EDT, 09/20/2024 (MT Newswires) -- Cracker Barrel Old Country Store's ( CBRL ) fiscal 2025 guidance was better than feared, supported by improved sales trends and aggressive menu pricing, Truist said in a note to clients Friday.

The brokerage firm said the company's less expensive 'refresh' remodel design could also reduce capital expenditures in the coming years.

However, it added that the company's traffic may remain under pressure until lower-income consumer spending improves, the timing of which remains highly uncertain.

Truist has raised the company's fiscal 2025 same-store sales estimate, now expecting a 1.5% increase compared with 1.1% earlier, while it maintained a fiscal 2026 same-store sales growth estimate of 2.7%.

The brokerage firm also raised the company's fiscal 2025 adjusted per share earnings forecast to $2.98 from $2.86 and initiated a fiscal 2026 estimate of $3.68.

Truist Securities raised Cracker Barrel Old Country Store's ( CBRL ) price target to $44 from $42 and maintained a 'hold' rating on the stock.