SunTrust Downgrades The Cheesecake Factory (CAKE) to Neutral
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SunTrust Robinson Humphrey downgrades The Cheesecake Factory Inc. (Nasdaq: CAKE) from Buy to Neutral, citing concerns that its concepts will be unable to effectively compete in an intensifying promotional environment.
Commenting on the Cheesecake Factory downgrade, the firm said, "aside from periodic public relations events (e.g. 30th anniversary celebration on 6/30/08), management seems to be relying on general economic recovery to bolster sales performance. Given our concerns about continued risk of EPS disappointment from vacillating same-restaurant sales, we are reluctant to recommend the shares."
SunTrust is lowering their 2008 EPS estimate from $1.02 to $0.98 (Street mean is $1.05) and lowering 2009 EPS estimate from $1.05 to $0.98 (Street mean is $1.15).
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