Goldman Sachs downgrades Cheesecake Factory, says traffic could keep falling amid inflation
Inflationary challenges will bite into Cheesecake Factory 's stock next year, according to Goldman Sachs. Analyst Jared Garber downgraded Cheesecake Factory to sell from neutral. He also lowered his price target for the stock to $29, which reflects a downside of 12.2% over Friday's close. The stock traded 3.1% lower in the premarket.
Pricing will also be harder to pass through next year, which Garber said will pressure margins while commodities remain inflated and labor costs remain relatively high compared against competitors. This comes as the mid-to-high income consumer will feel the lowest year-over-year growth in discretionary cash flow next year. The company's relative value declined over the past two quarters, he said.
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