Argus Upgrades Cheesecake Factory (CAKE) to Buy
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Argus upgraded Cheesecake Factory (NASDAQ: CAKE) from Hold to Buy with a price target of $69.00.
The analyst notes that despite weakness in the casual-dining industry, Cheesecake Factory has now reported year-over-year increases in comparative-store sales for 27 consecutive quarters.
Looking ahead, they expect CAKE stock to attract investors given the company’s record of dividend hikes and share repurchases, and ability to open new stores while also generating consistent comp growth.
The firm is boosting 2016 EPS estimate from $2.76 to $2.86 and 2017 estimate from $2.95 to $3.12.
Shares of Cheesecake Factory closed at $60.15 yesterday.
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