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Fly News Breaks for June 22, 2018
CAKE
Jun 22, 2018 | 09:09 EDT
As reported earlier, Maxim analyst Stephen Anderson downgraded Cheesecake Factory to Hold from Buy while keeping his $60 price target on the stock. The analyst cites valuation, with shares having reached his price objective yesterday to reflect the company's accelerating comps growth, renewed margin expansion, and stock buybacks. Anderson further notes that the PE valuation multiple for Cheesecake Factory is now in line with its 5-year average.
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