Cheesecake Factory price target lowered to $28 from $31 at Barclays

Barclays analyst Jeffrey Bernstein lowered the firm’s price target on Cheesecake Factory to $28 from $31 and keeps an Underweight rating on the shares. To start 2023, the analyst expect discretionary restaurants to outperform, with sales resilient, pricing outsized and inflation easing. But as we move through the year, defensive restaurants that are franchised and quick service will outperform, assuming a recession leads to trade-down, Bernstein tells investors in a research note. In addition, he believes distributors are well positioned in either scenario.