BTIG Lifts PT on Cheesecake Factory (CAKE) to $68; Likes Ad Campaign, Delivery Prospects
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BTIG boosts its price target on Buy-rated Cheesecake Factory (Nasdaq: CAKE) from $60 to $68 amid launch of a new national TV ad campaign and delivery services.
The firm commented today,
We believe the impressive sales trends seen last quarter demonstrate the concept’s consistency and deserves to be rewarded by investors. We remain positive given the combination of a reliable long-term growth story and near-term sales drivers such as the TV ad campaign (airing at no cost to the company) and the expansion of delivery. We believe both of these will likely contribute to sales momentum in the coming quarters, allowing sales to continue exceeding the industry and driving the stock higher.
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