Stephens analyst Jim Salera raised the firm’s price target on Cheesecake Factory (CAKE) to $51 from $50 and keeps an Overweight rating on the shares after the company reported “solid” Q3 results that included a beat on Cheesecake Factory same-store sales driven by improving traffic each month. The firm, which contends that the company is positioned favorably compared to its full-service peers based on relative valuation, believes shares should continue to see momentum into Q4 and FY25, the analyst tells investors.
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