Raymond James raised the firm’s price target on Cheesecake Factory (CAKE) to $56 from $51 and keeps an Outperform rating on the shares. November restaurant industry sales data reflected improved industry trends, the analyst tells investors in a research note. The firm is encouraged by improving fundamentals at the core Cheesecake Factory brand this year, including sustained positive comp growth in a slightly negative industry backdrop and improved margin performance, and is optimistic that the company’s primary growth vehicles — North Italia and Flower Child — can accelerate unit growth into 2025 and beyond, supporting 7% consolidated revenue growth over time.
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Read More on CAKE:
- Cheesecake Factory price target raised to $57 from $51 at Stephens
- Cheesecake Factory initiated with a Buy at Goldman Sachs
- Cheesecake Factory management to meet virtually with Stephens
- Cheesecake Factory price target raised to $52 from $49 at BofA
- Cheesecake Factory price target raised to $59 from $52 at Wedbush
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