PREVIEW: Cracker Barrel shares ease; results due after the bell

** Shares of Cracker Barrel Old Country Store CBRL.O were down 1.2% on Wed, with the restaurant co due to report lower rev and EPS compared with a yr ago when it reports qtrly results after the closing bell

** Analysts expect Q4 rev of $854.74 mln vs $894.39 a yr ago, and EPS of 80c vs 98c in the yr-ago period, according to LSEG

** Short interest in the stock is elevated since the backlash over the company's logo, and that could set the stage for a "covering rally," wrote Matthew Unterman, managing director at S3 Partners in a note on Wed

** "Short interest has climbed to 5.5M shares, up 115% year-to-date. This represents 25% of the float, the highest level in over a year, and signals extreme bearish sentiment heading into earnings," he wrote. "Elevated short interest heading into earnings could set the stage for a potential covering rally, to lock in any recent gains for the fresher bearish positions."

** Cracker Barrel in August faced sharp social media criticism, including from U.S. President Donald Trump, and its stock fell after it unveiled a new logo that dispensed with the image of a seated, overall-clad man leaning against a barrel in favor of one that displays the chain's name against a barrel-shaped silhouette

** Several days later, the company announced it would stick to its old logo, but its shares remain down 3.8% YTD

** Analyst recommendations on the stock include two "strong buy" or "buy" ratings, five "hold" ratings and three "sell" or "strong sell" ratings

** The median 12-mo PT on the stock is $55.00; it was last at $50.55

** CBRL is underperforming the broader mkt YTD, with the Nasdaq .IXIC up roughly 15% in that period