UPDATE: Bank of America Raises PO on Cracker Barrel on Higher Guidance Estimates

In a report published Monday, Bank of America analyst Joseph T. Buckley reaffirmed a Neutral rating on Cracker Barrel (NASDAQ: CBRL) and raised the price target from $99 to $101.

In the report, Bank of America cited that the price target increase was, “premised on 15x potential EPS of $6.70, as we believe shares are trading in part on the potential $1 EPS accretion should CBRL repurchase 20% of its shares from its activist investor. We are raising our FY 2013 and 2014 EPS estimates from $4.80 and $5.60 to $4.85, the high end of $4.75-$4.85 guidance, and $5.70, respectively.”

Cracker Barrel closed Monday at $95.28.