Cheesecake Factory price target raised to $37 from $34 at Citi

Citi raised the firm’s price target on Cheesecake Factory to $37 from $34 but keeps a Neutral rating on the shares. The company should be relatively well positioned for the current environment as it has less lower income exposure and skews more toward occasion visitors – birthday, anniversary, etc. – which is a more “protected” if consumers start trimming spending, the analyst tells investors in a research note. Citi adds that Cheesecake Factory’s more “experiential/culinary-forward” menu is harder to recreate at home, though the firm is also concerned with the company’s execution in a less predictable week-to-week sales environment.