U.S. markets closed
  • S&P 500

    3,841.47
    -11.60 (-0.30%)
     
  • Dow 30

    30,996.98
    -179.03 (-0.57%)
     
  • Nasdaq

    13,543.06
    +12.15 (+0.09%)
     
  • Russell 2000

    2,168.76
    +27.34 (+1.28%)
     
  • Crude Oil

    51.98
    -1.15 (-2.16%)
     
  • Gold

    1,855.50
    -10.40 (-0.56%)
     
  • Silver

    25.57
    -0.29 (-1.12%)
     
  • EUR/USD

    1.2174
    +0.0001 (+0.01%)
     
  • 10-Yr Bond

    1.0910
    -0.0180 (-1.62%)
     
  • GBP/USD

    1.3684
    -0.0046 (-0.34%)
     
  • USD/JPY

    103.7610
    +0.2560 (+0.25%)
     
  • BTC-USD

    32,903.04
    +368.09 (+1.13%)
     
  • CMC Crypto 200

    651.44
    +41.45 (+6.79%)
     
  • FTSE 100

    6,695.07
    -20.35 (-0.30%)
     
  • Nikkei 225

    28,631.45
    -125.41 (-0.44%)
     

Cheesecake Factory's Sales Recovery Turns Gordon Haskett Bullish

Priya Nigam
·1 min read

Cheesecake Factory Inc’s (NASDAQ: CAKE) same-store sales have recovered and come with an improved mix, according to Gordon Haskett.

The Cheesecake Factory Analyst: Jeff Farmer upgraded Cheesecake Factory from Hold to Buy with a $38 price target. 

The Cheesecake Factory Thesis: The company’s same-store sales momentum could build further in 2021, Farmer said in the Friday upgrade note.

“CAKE will emerge from the COVID landscape with a higher margin revenue mix and leaner cost structure,” the analyst said. 

“CAKE is positioned to see a multi-quarter run of upward EBITDA and EPS revisions as the Street will likely continue to view CAKE as a show-me story given the concept’s late to develop SSS recovery progress,” he said. 

“CAKE’s balance sheet condition has quickly improved, with the company repaying almost $100 million on its revolving credit facility.” 

Gordon Haskett raised its Cheesecake Factory earnings estimates for 2020 and 2021 from a $1.16 loss to a $1.04 loss and from positive $1.01 to positive $2.03, respectively.

CAKE Price Action: Shares of Cheesecake Factory were up 1.3% at $30.33 at last check Friday. 

Latest Ratings for CAKE

Date

Firm

Action

From

To

Oct 2020

Stephens & Co.

Maintains

Underweight

Oct 2020

Wedbush

Maintains

Neutral

Oct 2020

Morgan Stanley

Maintains

Underweight

View More Analyst Ratings for CAKE
View the Latest Analyst Ratings

See more from Benzinga

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.