As previously reported, Morgan Stanley analyst John Glass downgraded Cheesecake Factory to Underweight from Equal Weight with a price target of $38, down from $44. About 85% of its stores have mall exposure at a time when mall traffic, even at the best malls, continues to erode, Glass tells investors. Though this is "not new news," based on recent results it appears that mall traffic is impacting Cheesecake's traffic more than in the past, Glass added. He also said the recent Fox Restaurant Concepts acquisition adds unit growth but it also increases margin risk.