Cheesecake Factory shares reached an annual high of $31.53 on Monday. The restaurant chain beat expectations for the recent quarter, primarily driven by comps growth of 2.8%.
Earnings increased 35% to $22 million, or 37 cents per share. Revenue grew 4.4% to $418.4 million.
Sterne Agee analyst Lynne Collier maintained a neutral rating on Cheesecake shares following its report, but raised her earnings expectations for the company.
Analysts from JPMorgan issued an upgrade on Cheesecake's stock to neutral from underweight, with a price target of $29.Piper Jaffray maintained an underweight rating on the stock, but raised its earnings estimates and price target. The analysts set a price target of $25. "While we do not expect