Wells Fargo Resumes Coverage on Cheesecake Factory (CAKE) at Market Perform; All The Pieces Finally Coming Together

Wells Fargo resumes coverage on Cheesecake Factory (NASDAQ: CAKE) with a Market Perform. PT range $35-36.

Analyst, Jeff Farmer, said, "CAKE is still a casual dining icon, but we expect the combination of low-single-digit same-store sales (SSS) growth and a small amount of margin expansion to drive limited multiple expansion in 2012."

"The international licensing opportunity for The Cheesecake Factory is significant and should meaningfully accelerate in 2013 and beyond. The Cheesecake Factory brand is very well known outside of the United States and has been courted by international developers for years. All of the pieces finally came together in January 2011, with CAKE announcing an exclusive licensing agreement with Kuwait-based Alshaya for the development of 22 restaurants from 2012-16."

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 $32.41 yesterday.

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