Cheesecake Factory (CAKE) PT Raised to $37 at Baird

Baird analyst David Tarantino raised the price target on Cheesecake Factory (NASDAQ: CAKE) to $37.00 (from $32.00) while maintaining a Neutral rating.

The analyst commented: "CAKE delivered better-than-expected Q1 profitability (behind favorable pricing/cost relationship, productivity gains), indicated a flattish same-store traffic trend exiting the quarter, and reiterated full-year guidance for revenue and net income margins. All in, we found the update reassuring in light of the relatively soft performance for many other brands in the casual dining sector. That said, with an uncertain macro outlook casting a cloud on how the remainder of 2024 could play out, we are staying patient with our near-term recommendation on CAKE."

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