Barclays raised the firm’s price target on Cheesecake Factory (CAKE) to $38 from $35 and keeps an Underweight rating on the shares as part of a Q3 earnings preview for the restaurant group. Comps eased to start Q3 before stabilizing at lower levels, the analyst tells investors in a research note. The firm says that while all are vulnerable to a lower-income consumer, quick service’s value push has been effective. Otherwise, inflation and pricing continue to ease, adds Barclays.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CAKE:
- Closing Bell Movers: Medpace down 11% after cutting FY24 revenue guide
- Cheesecake Factory up 3% at $43.78 after WSJ report of JCP Investments stake
- JCP Investments pushing Cheesecake Factory to split off smaller brands, WSJ says
- Cheesecake Factory price target raised to $51 from $46 at Citi
- Casual restaurant space could see pressure after Darden report, says Stephens