Cheesecake Factory price target raised to $40 from $37 at Morgan Stanley

Morgan Stanley analyst John Glass raised the firm’s price target on Cheesecake Factory (CAKE) to $40 from $37 and keeps an Underweight rating on the shares. Q1 was guided a bit lower, though FY25 guidance is “mostly similar,” says the analyst, who argues that the stock “may need more than that to continue to work.” The firm will be watching new unit performance, brand comps, and further margin drivers this year, the analyst added.