Argus raised the firm’s price target on Cheesecake Factory (CAKE) to $57 from $55 and keeps a Buy rating on the shares. The company has revamped its menu last quarter and is on pace with its new store openings plan, the analyst tells investors in a research note. Cheesecake’s recent price hikes, improved labor productivity, and commitment to maintaining margins will lead to stronger earnings going forward, the firm adds.
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