Cheesecake Factory price target lowered to $35 from $40 at Stephens

Stephens lowered the firm’s price target on Cheesecake Factory to $35 from $40 and keeps an Overweight rating on the shares after the company reported softer-than-expected Q3 results. The firm’s now lower multiple reflects a discount to the stock’s ten-year average to reflect recent re-rating across the space, the analyst tells investors in a post-earnings note.