Piper Jaffray analyst, Nicole Miller Regan, left estimates and her rating unchanged after Cheesecake Factory (NASDAQ: CAKE) reported a stronger than expected quarter on commodity cost deflation. However, she also cut her price target to $57 on industry multiple contraction.

Cheesecake Factory delivered operating earnings results of $0.54 per share, which was above the Street expectation of $0.52 for the 4Q15 period. Results were driven in part by lower-than-expected restaurant-level costs on relatively in-line total revenues. The company guided to 1Q16 same-store sales trends of +1.5% to +2.5% vs. current consensus expectations of +0.4%.

Revenues increased 5.4% y/ y to $526.8M, versus expectations of $529M. Results were driven in part by same-store sales of +1.1% for the Cheesecake Factory vs. expectations of +1.5% and from leverage related to lower commodity costs, and leverage on operating expenses. Same-store sales included +2.5% price, 0.5% mix and (1.9%) traffic. Of note, trends were relatively consistent during the quarter excluding any calendar shifts and were also positive across all geographies with California, Midwest and Northwest seeing the strongest trends, and the Northeast and Mid-Atlantic regions experiencing the softest trends.

During the quarter the company repurchased ~350K shares for $17.3M. The company also declared a quarterly dividend of $0.20, in-line with its previous dividend.

No change to the Overweight rating but the analyst cut the multiple from 11x EBITDA to 10x bringing the price target to $57 from $62. This is still a premium to the 9.5x that applies to the rest of the industry.

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 $49.37 yesterday.