UPDATE: Bank of America Raises PT on Cheesecake Factory After Continued Positive Investor Sentiment
Bank of America analyst Joesph Buckley published a report on Cheesecake Factory (NASDAQ: CAKE) that raised the price target from $36 to $40 and maintained a Buy rating due to continued positive investor sentiment.
In the report Bank or America said, "The Cheesecake Factory has recorded 12 consecutive quarters of positive same store sales growth. The brand's highly differentiated market position should facilitate steady market share gains in the challenging casual dining sector of the industry. New unit expansion remains modest but effective with a steady improvement in corporate return on invested capital. In 2013, two-to-three existing Cheesecake Factory restaurants will be relocated to more advantageous locations within the respective trade areas. CAKE has guided for 1Q same store sales to be flat to up 1% including effect from a fire that temporarily closed a store in Hawaii as well as winter weather impact, especially in the Northeast."
Cheesecake Factory closed Monday at $36.08.
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