Stephens analyst Will Slabaugh backed an Equal Weight rating on Cheesecake Factory but lowered his price target on the shares to $48 from $55 after the company's "mostly as expected" third quarter results. Slabaugh said that steady improvements in cost efficiencies continue to help, adding that he is pleased to see another casual diner positively surprise on the earnings front, though traffic again trended just below Knapp-Track average, which is a concern as he evaluates both pricing decisions and longer term implications of the company's retail-heavy real estate. The analyst said he remains "intrigued" with the North Italia and FRC acquisitions, though he continues to monitor the possibility for distractions and any issues that may disrupt what sounds like "strong" trends at the major concepts.