.August 1, 2024 09:43 AM

Piper Sandler analysts raised Cheesecake Factory’s price target to $39.00 from $37.00, maintaining a Neutral rating. The restaurant chain reported strong second-quarter 2024 results, with a 91 basis point increase in restaurant-level margins and a 37% flow-through rate. Cheesecake Factory’s same-store sales and traffic trends are outperforming the industry at core brands, while non-core brands are in line with industry data. Third-quarter 2024 revenue guidance was slightly below consensus, but the company is benefiting from stability and normalcy in the operating environment at the restaurant level.