Nomura/Instinet lowered its price target on Cheesecake Factory (NASDAQ: CAKE) to $44.00 (from $50.00) while maintaining a Neutral rating, following the company's second quarter earnings report.

Analyst Mark Kalinowski notes the company produced a mixed report, with the second quarter earnings per share print above consensus estimates, while revenues fell below expectations, as management acknowledges the third quarter is "off to a softer start."