Citi lowered the firm’s price target on Cheesecake Factory (CAKE) to $62 from $67 and keeps a Buy rating on the shares ahead of the Q1 report. The firm sees Cheesecake’s Q1 hitting within guidance, with results likely echoing trends of continued progress in store-level margin expansion. The company still has “underappreciated” margin gains from COVID-era laps and improving tenured employees, the analyst tells investors in a research note.
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