As previously reported, Guggenheim analyst Matthew DelFrisco upgraded Cheesecake Factory to Buy from Neutral with a $47 price target. While his top concern remains persistent negative traffic at the Cheesecake brand, he thinks recent acquisitions provide greater growth opportunities at what appear to be equivalent margins and returns, DelFrisco tells investors. The company's guidance for high-teens revenue growth and about 12-13% EBITDA growth in 2020 was a pace last seen in 2016, noted DelFrisco, who sees a "compelling risk/reward" at the stock's current valuation.