UPDATE: Morgan Stanley Reiterates On The Cheesecake Factory Following Larger-Than-Expected 3Q Miss

In a report published Thursday, Morgan Stanley analyst John Glass reiterated an Equal-Weight rating on

, but lowered the price target from $46.00 to $42.00. In the report, Morgan Stanley noted, “Larger than expected 3Q miss was only partially explained by dairy and healthcare costs and underscores that margins are not as resilient as they used to be. Underlying sales trends solid, but 4Q and '15 forecasts come down, losing a year of EPS growth in the process.” The Cheesecake Factory closed on Wednesday at $44.50.