Cheesecake Factory downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs analyst Jared Garber downgraded Cheesecake Factory to Sell from Neutral with a price target of $29, down from $35. The analyst sees risk that the company’s traffic declines accelerate with high levels of pricing and the mid-to-higher income consumer expected to see the lowest year-over-year discretionary cash flow growth in 2023. In addition, survey data suggests Cheesecake’s consumers will seek to spend less given the volatile macro backdrop, high inflation, and wealth effects, Garber tells investors in a research note.