Cheesecake Factory price target lowered to $49 from $50 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Cheesecake Factory (CAKE) to $49 from $50 and keeps an Underweight rating on the shares. Guidance for a bit weaker top line and slight Q3 miss on same-store sales suggests about a 100 basis points slowdown in growth quarter-over-quarter, which “probably isn’t worse than what most would have expected based on recent industry data,” the analyst tells investors. The firm lowers estimates “modestly” as a function of demand slumping recently and a view that this persists into next year, the analyst noted.