BTIG upgraded Cheesecake Factory (NASDAQ: CAKE) from Neutral to Buy with a price target of $60. The change follows Q3 results. Analyst Peter Saleh noted consistent sales, and he believes guidance for 2016 is conservative.

"We recognize the pressure from labor inflation and tough sales comparisons in 1Q16 but believe higher menu prices, benign food costs and operating efficiencies can offset these items. We also believe the lower capital spending next year could translate to noticeably higher share repurchase providing further support for the stock," said Saleh.

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Shares of Cheesecake Factory closed at $51.99 yesterday.