Jefferies Raises Price Target as Cheesecake Factory (CAKE) Posts 3Q Beat
- Wall Street gains, helped by oil, economic data
- Twitter (TWTR) 'Takeover Money' Moves On as 'Trump Money' Moves In
- Buy Any Seasonal Market Weakness Ahead of Year End Rally - Oppenheimer (SPY)
- Unusual 11 Mid-Day Movers 12/5: (NVCN) (BCEI) (MEMP) Higher; (GTXI) (CERC) (HDSN) Lower
- Oil hits 16-month high in buying rush after OPEC agreement
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Goldman Sachs Downgrades Marvell (MRVL) to Sell
- Berkshire Hathaway (BRK-A) Book Value Could Be Boosted by $29B from Trump Tax Plan - Analyst
- Crocs (CROX) PT, Estimates Trimmed at Susquehanna
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesJefferies & Co, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!