Cheesecake Factory soars as brokerages raise PTs following Q3 profit beat

Cheesecake Factory

30/10/2024 14:23

(Updates)
** Shares of Cheesecake Factory  CAKE.O  rise as much as 15.2%
to $49.41
     ** Stock set for its best day since November 2020, if gains
hold; currently up 13%
  
    ** At least eight brokerages raise PTs on CAKE after co
reported Q3 profit beat on Tuesday
** Posted Q3 adjusted EPS of 58 cents vs analyst estimates of 49
cents - data compiled by LSEG
    ** "Continued traffic outperformance vs. peers, coupled with
improving mix, and line-of-sight into improving same-store sales
and restaurant level margins should support CAKE shares'
momentum." - Brokerage Stephens, PT raised by $1 to $51
    ** Brokerage Wedbush raises PT to $52 from $48 and believes
CAKE has relatively more near and medium-term top and
bottom-line visibility than peers, which continues to be
underappreciated by investors
    ** Eight of 21 brokerages rate the stock "buy" or higher,
nine "hold" and four "sell"; median PT is $47
    ** Up to Tuesday's close, stock has risen 22% YTD

(Reporting by Neil J Kanatt in Bengaluru)
((mailto:Neil.JKanatt@thomsonreuters.com;))