Goldman Sachs Upgrades Cheesecake Factory (CAKE) to Neutral; Raising PT and Estimates

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Goldman Sachs upgraded Cheesecake Factory (NASDAQ: CAKE) from Sell to Neutral with a price target of $34.00 (from $30.00).

SSS trends have held up better than the broader Casual Dining industry, and we now see upside to 2013 EPS as lower food costs flow through the P&L (GS $2.23 vs. Consensus $2.13). We retain some secular concerns about where CAKE is in its lifecycle, but no longer see it as a Sell at this time given the potential for upside to numbers...We raise our 2012-2014 EPS estimates to $1.90/$2.23/$2.44."

Also, Goldman downgraded Tim Horton's (NYSE: THI), suggested switching into CAKE.

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 $31.87 yesterday, with a 52 week range of $23.65-$33.80.

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