Oppenheimer lowered the firm’s price target on Cheesecake Factory (CAKE) to $70 from $75 and keeps an Outperform rating on the shares. The firm says traffic headwinds in the restaurant sector appear to be broadening into Q4, setting the stage for a rocky earnings season. On its call, the company highlighted softening macro conditions and more cautious consumer behavior across the industry. This forced management to lower expectations for Q4 same-store sales by 100bps, and initiate conservative 2026 revenue guidance, Oppenheimer adds. Despite the moderated sales outlook, Cheesecake Factory’s updated margin forecasts remain unchanged as strong operational execution remains a tailwind.
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