Stephens lowered the firm’s price target on Cheesecake Factory (CAKE) to $64 from $70 and keeps an Overweight rating on the shares after Q3 results came in below expectations on the top-line, but better on the bottom-line. While the near-term is challenged, the firm believes resilient trends and four-wall margins leave Cheesecake “relatively well-positioned,” the analyst tells investors in a post-earnings note.
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