Cheesecake Factory price target raised to $37 from $32 at Baird

Baird raised the firm’s price target on Cheesecake Factory to $37 from $32 and keeps a Neutral rating on the shares. The firm said they delivered better-than-expected Q1 profitability behind favorable pricing/cost relationship and productivity gains, indicated a flattish same-store traffic trend exiting the quarter, and reiterated full-year guidance for revenue and net income margins.