Jefferies Raises Price Target as Cheesecake Factory (CAKE) Posts 3Q Beat

October 27, 2016 8:46 AM EDT
Get Alerts CAKE Hot Sheet
Price: $59.70 +1.60%

Rating Summary:
    11 Buy, 16 Hold, 3 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Jefferies reiterated a Hold rating on Cheesecake Factory (NASDAQ: CAKE), and raised the price target to $51.00 (from $49.00), following the company's 3Q earnings report. 3Q SSS of +1.7% beat the consensus of +0.8%, benefiting from pricing of +2.6% and mix of +0.5%, offset by -1.4% traffic. EPS of $0.70 was better than consensus' $0.61 estimate.

Analyst Andy Barish commented, "3Q EPS of $0.70 was better than Jef/Cons. of $0.61 and guidance of $0.59- $0.62. Upside was driven by leverage on most expense lines (excl labor) as SSS of +1.7% accelerated. '16 EPS guide was raised to $2.81-$2.84 from $2.70-$2.76, while '16 SSS guide was increased back to +1-1.5%, implying 4Q sss of 1-2% and EPS $0.65-0.68. Our ‘16/'17 ests. go to $2.82/$3.00 from $2.72/$2.81. We raise our PT to $51 (from $49) and keep Hold rating."

For an analyst ratings summary and ratings history on Cheesecake Factory click here. For more ratings news on Cheesecake Factory click here.

Shares of Cheesecake Factory closed at $49.12 yesterday.

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