Stephens resumed coverage of Cheesecake Factory with an Overweight rating and $44 price target. The firm, which views Cheesecake “as a best-in-class operator” in a segment “thematically well-positioned to capitalize on consumer demand for differentiated, experiential dining occasions,” believes investors could underappreciate the growth potential from North Italia and other emerging concepts like Flower Child plus the return of capital via repurchase and dividends.
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