Piper Jaffray Upgrades Cheesecake Factory (CAKE) to Overweight, Downgrades PF Chang's (PFCB) to Underweight

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Piper Jaffray's Nicole Miller Regan issued what some call a pair trade Tuesday morning. In the Restaurant sector, the analyst upgraded shares of The Cheesecake Factory (Nasdaq: CAKE) while at the same time downgrading shares of PF Chang's (Nasdaq: PFCB).

Miller Regan now rates The Cheesecake Factory an Overweight, up from Neutral previously, and shares of PF Chang's an Underweight, down from a prior Neutral rating. The target on CAKE shares was raised from $30 to $32. The target on PF Chang's was reduced from $33 to $24.

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