Cheesecake Factory price target lowered to $28 from $32 at Barclays

Barclays lowered the firm’s price target on Cheesecake Factory to $28 from $32 and keeps an Underweight rating on the shares. The analyst previewed Q3 results for the restaurant group, saying Q3 comps slowed sequentially, driven by both easing traffic and the lap of price. These “top-line kinks” drove stock weakness of late, following strength for much of 2023, the analyst tells investors in a research note. However, the firm notes commodity and labor inflation continues to ease, mitigating the comp slowdown, allowing most to achieve Street earnings estimates.