Raymond James Reiterates Market Perform Rating on Cheesecake Factory (CAKE) Following 3Q
Raymond James analyst Brian Vaccaro reiterated a Market Perform rating on Cheesecake Factory (NASDAQ: CAKE) following the company's 3Q earnings report. Cheesecake Factory reported 3Q19 operating EPS of $0.59 compared to the consensus of $0.55. The EPS beat was driven by better than expected G&A and lower pre-opening, while comps and store margins were essentially in-line.
4Q19 EPS guidance was set at $0.61-0.66, reflecting comps +0.5-1.5%. Raymond James raised 2019 EPS estimates by $0.08 to $2.66 reflecting the 3Q beat and a $0.05 bump in 4Q estimates to $0.63. 2020 EPS estimate is raised by $0.15 to $2.80 reflecting the higher 2019 base and the benefit of lower delivery fees.
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Shares of Cheesecake Factory closed at $43.78 yesterday.