Stephens raised the firm’s price target on Cheesecake Factory (CAKE) to $57 from $51 and keeps an Overweight rating on the shares. Cheesecake has shown modest outperformance with core Cheesecake traffic remaining about flat over the last five quarters compared to the peer set of mostly negative low-single digit percentage declines, notes the analyst. Looking to FY25, the firm views Cheesecake as well-positioned amongst the full-service competition based on relative valuation, the analyst added.
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