Jefferies Raises Price Target as Cheesecake Factory (CAKE) Posts 3Q Beat
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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."
Shares of Cheesecake Factory closed at $49.12 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesJefferies & Co, Earnings
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