|Over a week ago|
Chipotle, Wendy's upgrades among today's top calls on Wall Street » 10:0606/1406/14/21
CMG, WEN, RIDE, RACE, CAKE
Check out today's top…
Cheesecake Factory added to 'Best Ideas List' at Wedbush » 06:3506/1406/14/21
Wedbush analyst Nick…
Wedbush analyst Nick Setyan added Cheesecake Factory to his firm's "Best Ideas List" and keeps an Outperform rating on the shares with a $70 price target. The recent selloff provides an "attractive buying opportunity," Setyan tells investors in a research note. The analyst expects post-Covid market share opportunities to result in higher growth versus pre-Covid growth rates, resulting in an "increasing premium" relative to Cheesecake's pre-Covid valuations. Further, the company's elimination of convertible preferred stock is "very accretive," adds the analyst.
Cheesecake Factory 3.125M share Secondary priced at $56.00 » 06:5306/1106/11/21
JPMorgan, BNP Paribas,…
JPMorgan, BNP Paribas, BofA and Wells Fargo acted as joint book running managers for the offering.
Cheesecake Factory to sell $300M in convertible senior notes, $175M in stock » 08:0406/1006/10/21
The Cheesecake Factory…
The Cheesecake Factory announced its intention to offer, subject to market and other conditions, $300M aggregate principal amount of convertible senior notes due 2026 and $175M of common stock in separate public offerings registered under the Securities Act of 1933, as amended. J.P. Morgan, BNP PARIBAS, BofA Securities and Wells Fargo Securities are acting as joint book-running managers for the offerings.
Cheesecake Factory price target lowered to $55 from $60 at Stephens » 07:4806/0906/09/21
Stephens analyst James…
Stephens analyst James Rutherford lowered the firm's price target on Cheesecake Factory to $55 from $60 and keeps an Equal Weight rating on the shares. Rutherford notes that full service restaurant multiples are now about 15% higher than where they were at the start of the pandemic and he expects that group to underperform the low service, or fast food, group for the rest of the year.
Cheesecake Factory provides business update on restaurant sales » 09:2106/0206/02/21
The Cheesecake Factory…
The Cheesecake Factory Incorporated provided a business update in advance of the company's participation at two upcoming investor conferences. Fiscal 2021 second quarter-to-date through May 31st comparable sales for The Cheesecake Factory restaurants increased approximately 196% year-over-year and 7% relative to the same period in fiscal 2019, supported by approximately one-third off-premise sales mix. Based on average weekly sales quarter-to-date of approximately $226,500, this equates to approximately $11.8M on average, per unit on an annualized basis. As of today, nearly all of the company's restaurants across its concepts, including 206 Cheesecake Factory locations, are operating with reopened indoor dining rooms with limited capacity in accordance with local mandates and social distancing protocols. On average, Cheesecake Factory restaurants with reopened dining rooms are operating at approximately 70% indoor capacity and approximately 75% total on-premise capacity including patios. One Cheesecake Factory location is operating an off-premise only model and two locations across the Company's concepts are currently closed with plans to reopen next week. One new Flower Child location opened in Atlanta last month.
Cheesecake Factory price target lowered to $51 from $54 at Barclays » 07:1506/0106/01/21
Barclays analyst Jeffrey…
Barclays analyst Jeffrey Bernstein lowered the firm's price target on Cheesecake Factory to $51 from $54 and keeps an Underweight rating on the shares. The analyst reduced targets on all casual diners saying upward estimate revisions through the Q2 earnings season will mark the end of the "recovery trade." The beats in Q2 will be annualized into future estimates, with compares "less easy" going forward, stimulus benefits waning and novelty of eating out fading, Bernstein tells investors in a research note.
|Over a month ago|
Cheesecake Factory price target raised to $70 from $64 at Wedbush » 09:1204/2904/29/21
Wedbush analyst Nick…
Wedbush analyst Nick Setyan raised the firm's price target on Cheesecake Factory to $70 from $64 and keeps an Outperform rating on the shares following quarterly results. The analyst expects post-COVID market share opportunities to result in higher growth versus pre-COVID growth rates, resulting in an increasing premium relative to Cheesecake Factory's pre-COVID valuations.
Cheesecake Factory price target raised to $58 from $47 at Credit Suisse » 08:3804/2904/29/21
Credit Suisse analyst…
Credit Suisse analyst Lauren Silberman raised the firm's price target on Cheesecake Factory to $58 from $47 and keeps a Neutral rating on the shares following quarterly results. The analyst notes the company continues to demonstrate "impressive" execution and a better-than-expected recovery, supported by improving on-premise sales volumes and resilient off-premise sales, which have remained largely consistent across markets.
Cheesecake Factory price target raised to $70 from $65 at Wells Fargo » 08:2504/2904/29/21
Wells Fargo analyst Jon…
Wells Fargo analyst Jon Tower raised the firm's price target on Cheesecake Factory to $70 from $65 and keeps an Overweight rating on the shares. The analyst argues that it is "hard to poke a hole" in April Cheesecake Factory same-store sales trending +7% versus 2019, a firm timeline for returning to its 7% unit growth target, manageable margin promises, and off-premise proving to have above-pre-pandemic incrementality and sustainability. Tower continues to believe investor skepticism for a Cheesecake recovery and growth thereafter remains high. However, he expects investors to rapidly re-assess the AUV and margin potential on the back of off-premise persistence, capital returns picking up on the horizon, and then an underappreciated unit growth story with accelerating ROIIC can come into focus as the next leg of the story into 2022.