Cheesecake Factory rises on Q1 results beat

Cheesecake Factory

09/05/2024 12:27

** Shares of restaurant chain Cheesecake Factory  CAKE.O 
climb nearly 5% to $35.50 in premarket trading
    ** Co posts Q1 revenue of $891.2 mln, above analysts' avg.
est. of $890.87 mln - LSEG data
    ** Q1 EPS of $0.73 also beats est. of $0.63
    ** "Looking at the remainder of FY24, we believe CAKE shares
could find momentum, driven by continued positive traffic,
improving mix and continued improvement on same-store sales and
restaurant level margins," says brokerage Stephens
    ** Wedbush Securities raises PT to $45 from $40
    ** Out of 21 brokerages tracking CAKE, seven rate it "buy"
or higher, 10 "hold" and four "sell"; median PT at $38 - LSEG
data
    ** As of last close, CAKE shares down 3% YTD vs 8.6% gain in
Nasdaq  .IXIC 

 (Reporting by Ankika Biswas in Bengaluru)
 ((Ankika.Biswas@thomsonreuters.com))