Cheesecake Factory downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs downgraded Cheesecake Factory (CAKE) to Neutral from Buy with a price target of $67, up from $66. The firm cites valuation for the downgrade following the stock’s recent rally. Goldman continues to see strong operational improvements and a solid unit growth story in Cheesecake. However, the company’s near-term catalysts might not be as pronounced, while upside to consensus views appears more limited from here, the analyst tells investors in a research note.