Piper Sandler analyst Brian Mullan raised the firm’s price target on Cheesecake Factory (CAKE) to $62 from $54 and keeps a Neutral rating on the shares following quarterly results. While the firm is not outright negative, the firm does think that it is reasonable to believe RLM percentage expansion will be much harder to come by from here. If that is true, then it is also reasonable to believe that Cheesecake Factory’s recent impressive multi-year period of share price outperformance might be due to “take a breather” soon, Piper adds.
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