Cheesecake Factory price target raised to $51 from $46 at Citi

Citi analyst Jon Tower raised the firm’s price target on Cheesecake Factory to $51 from $46 and keeps a Buy rating on the shares ahead of the Q3 report due after market close on October 29. While the firm doesn’t expect Cheesecake to be immune to 4th of July and weather choppiness in the industry, it believes there are still underappreciated margin gains to be had and that the company will continue to speak to longer-term margin targets with increasing confidence, the analyst tells investors in a preview note.