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Fly News Breaks for September 6, 2019
Sep 6, 2019 | 06:05 EDT
Wells Fargo analyst Jon Tower upgraded Cheesecake Factory to Outperform from Market Perform and raised his price target for the shares to $50 from $46. The recently announced acquisition of Fox Restaurant Concepts not only transforms the company's growth profile, but also diversifies its real estate footprint and leverages its existing infrastructure, human capital and purchasing scale, Tower tells investors in a research note. Further, the analyst believes Cheesecake Factory's television marketing test signals a willingness from management to pull a lever, advertising, that it has previously shunned to reignite sales and traffic growth at the core Cheesecake Factory brand. He sees Cheesecake Factory's risk/reward as one of the most attractive in his universe and views the stock's current valuation as "compelling."
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