Cheesecake Factory downgraded to Equal Weight from Overweight at Stephens

Stephens analyst Jim Salera downgraded Cheesecake Factory (CAKE) to Equal Weight from Overweight with an unchanged price target of $65 following the Q4 report. Cheesecake Factory same-store sales declined 2.2% and decelerated sequentially, the analyst tells investors in a research note. With the shares up 27% year-to-date, Stephens sees limited upside from here “absent a step change in earnings growth for the year.” The firm says the stock’s valuation reflects Cheesecake’s “steady growth against a pressured backdrop.”