Wells Fargo analyst Zachary Fadem lowered the firm’s price target on Cheesecake Factory to $30 from $35 and keeps an Equal Weight rating on the shares. The firm sees Cheesecake Factory shares trading lower post mixed Q3 results. Traffic slowed through Q3, comps fell -100bps vs Street and margin flow through landed shy of elevated expectations, Wells points out. Units are accelerating, but for shares to work, the firm believes comps/traffic need to be better.
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