Wedbush analyst Nick Setyan upgraded Cheesecake Factory to Outperform from Neutral with a price target of $40, up from $34. The firm views Cheesecake Factory’s 2024 same-store sales growth estimates as realistic and believes Q4’s UL margins will validate the uptick expected in 2024. Wedbush views Cheesecake’s consistent transaction growth outperformance vs. the peer set, North Italia’s and Flower Child’s consistent positive transaction growth, Cheesecake Factory’s margin trajectory, and compelling CoC returns that is leading to accelerated unit growth, as underappreciated. The firm is also hopeful that a declining interest rate environment will alleviate the outsized pressure on its valuation.
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- Cheesecake Factory price target lowered to $35 from $40 at Stephens
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