Mizuho analyst Nick Setyan initiated coverage of Cheesecake Factory (CAKE) with an Outperform rating and $70 price target The firm noted that Cheesecake Factory’s relatively stable SSS growth “renders margin visibility high.” Mizuho added that the North Italia and Flower Child emerging concepts are “getting too large for investors to ignore,” and make Cheesecake Factory undervalued on a sum-of-the-parts basis.
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