Jefferies Increases Cheesecake Factory Price Target To $30

According to Jefferies, the Cheesecake Factory CAKE price target is increased to $30. Jefferies said that EPS $0.42 vs. the $0.40 & cons $0.42 as solid cost control offset rising food cost infl (guide raised to 4%). “PT of $30 based on 16x '12E EPS (17x NTM P/E, which is slightly less than 5-yr avg of 18.5x NTM EPS to account for its slower unit growth rate).” Cheesecake Factory closed yesterday at $32.69.