Cheesecake Factory Rallies as Wells Fargo Boosts Price Target

Stock Markets8 hours ago (Oct 19, 2020 01:32PM ET)

By Christiana Sciaudone

Investing.com — The Cheesecake Factory (NASDAQ:CAKE) rose 9% after getting a price target boost from Wells Fargo (NYSE:WFC).

The firm maintained its buy-equivalent rating on the restaurant chain, and raised its price target to $37 from $30, according to StreetInsider. The stock currently trades at just over $33.

Meanwhile, Wedbush maintained its hold rating with a price target of $31, according to Smarter Analyst.

Last week, Morgan Stanley (NYSE:MS) maintained a sell rating on Cheesecake Factory with a price target of $26.

The most recent earnings report for The Cheesecake Factory showed a loss per share of 87 cents, better than the expected loss of $1.11. But sales were $295.85 million versus the expected $324 million. This was the first quarterly loss since at least 2013, which is as far back as Investing.com numbers go.

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