Stephens analyst Jim Salera raised the firm’s price target on Cheesecake Factory (CAKE) to $51 from $50 and keeps an Overweight rating on the shares after the company reported “solid” Q3 results that included a beat on Cheesecake Factory same-store sales driven by improving traffic each month. The firm, which contends that the company is positioned favorably compared to its full-service peers based on relative valuation, believes shares should continue to see momentum into Q4 and FY25, the analyst tells investors.
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Read More on CAKE:
- Cheesecake Factory Reports Strong Q3 Results
- Cheesecake Factory price target raised to $44 from $38 at Barclays
- Closing Bell Movers: Alphabet up over 5% on Q3 earnings beat
- Cheesecake Factory cuts FY24 revenue view to about $3.57B from about $3.58B
- Cheesecake Factory Reports Strong Q3 and Expansion Plans