Cheesecake Factory initiated with a Hold at Deutsche Bank

Deutsche Bank initiated coverage of Cheesecake Factory with a Hold rating and $32 price target. While the stock’s valuation is “relatively cheap” and expectations seem low, caution around sales and margins keep the firm on the sidelines, the analyst tells investors in a research note. The firm believes there could be risk to sales estimates, primarily as it relates to traffic, given some softness in the casual dining sector.